The Nasdaq (NDAQ) reshuffles its Nasdaq-100 index (NDX) annually in December, and the company announced six new additions to its coveted index this year. The NDX is set to add Alnylam Pharma (ALNY), Ferrovial SE (FER), Insmed (INSM), Western Digital (WDC), Monolithic Power (MPWR), and Seagate Technology (STX). These will join the NDX before the market opens on December 22.
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They replace Lululemon Athletica (LULU), GlobalFoundries (GFS), Biogen (BIIB), CDW Corp. (CDW), ON Semiconductor (ON), and The Trade Desk (TTD). The Trade Desk, down 70% and Lululemon down 45%, are NDX’s worst performers this year. In the meantime, the six new additions have all gained over 10%, with Seagate and Western Digital soaring nearly 200%.
Retail giant Walmart (WMT) narrowly missed inclusion, while fears of Strategy (MSTR) being removed proved unfounded.
How Are Companies Added to the NDX?
The NDX selects 100 of the largest Nasdaq-listed non-financial companies, primarily based on market capitalization as of November 30. The index has surged nearly 20% this year, outpacing the S&P 500’s (SPX) 16% gain, thanks to tech leaders like Nvidia (NVDA), Microsoft (MSFT), and Alphabet (GOOGL).
Other key requirements include:
- Exclusively listed on Nasdaq (Global Select or Global Market).
- Publicly traded on a U.S. market for ≥3 months.
- Average daily volume of at least 200,000 shares.
- Be current on all SEC filings.
- Not be in bankruptcy proceedings.
Why Did Walmart Miss Out?
America’s big box retailer Walmart was poised to join the NDX but switched its listing from the New York Stock Exchange to the Nasdaq too late, on December 9, 2025. However, the company could be included in the index at a later date, if spots open due to acquisitions, NYSE transfers, or reclassifications to financials.
There are certain benefits of being included in the NDX, similar to those of being included in the SPX. For instance, funds tracking the index must buy shares of the new components, which enhances trading volume, boosts stock price, and signals innovation and growth.
Michael Saylor’s Strategy crypto-innovation">faced NDX removal risks over its Bitcoin (BTC-USD) buying and holding model, which resembles an investment firm. Nonetheless, its thriving business intelligence operations kept it in the index.
NDX’s Portfolio Rebalancing
Let’s see how the newly added six stocks perform on the TipRanks Stock Comparison Tool:
All six stocks except Seagate carry a Strong Buy analyst consensus rating. Among them, ALNY stock offers the highest upside potential of 25.4% over the next twelve months. Meanwhile, analysts remain divided on Seagate’s long-term outlook.
