Palantir Technologies, MicroStrategy, and Axon Enterprises will join the Nasdaq 100 index as part of its annual reconstitution, replacing Moderna, Super Micro Computer, and Illumina.These changes had been expected because the reconstitution adds companies with the highest market values in the Nasdaq Composite index that aren’t in the Nasdaq 100 and drops companies with the lowest market values.

A Nasdaq-100 index membership means mutual funds, exchange-traded funds (ETFs), and other financial products based on this index will have to buy shares of Palantir. This increased demand should exert at least some upward pressure on the stock price.

MicroStrategy (NASDAQ:MSTR), and Axon Enterprise (NASDAQ:AXON) will be added to the Nasdaq-100 Index, according to the exchange operator.  To make way for those companies, Nasdaq (NDAQ) said late Friday that Illumina (NASDAQ:ILMN),

The Nasdaq is due to announce any changes to the Nasdaq 100 index as part of its annual reconstitution at 8 p.m. ET Friday.

Palantir, MicroStrategy, and Axon Enterprise are set to join the Nasdaq 100 Index on Monday, Dec. 23, replacing Super Micro Computer, Moderna, and Illumina.

Palantir Technologies and MicroStrategy, two of the hottest stocks in 2024, are expected to join the Nasdaq 100 index. The Nasdaq late Friday also is likely to announce that data-center REIT Equinix will join the index as part of the annual rebalancing.

Palantir Technologies stock was slipping on Wednesday, the day before it could potentially join the Nasdaq 100. Shares in the company, which develops software platforms that mine data, slid 2.4% to $69.

MicroStrategy Inc, the dot-com-era software maker whose metamorphosis into a leveraged bet on bitcoin has transfixed Wall Street, is joining the Nasdaq 100 Index, the benchmark’s overseer says.

Super Micro Computer (NASDAQ: SMCI) has been one of the most polarizing stocks to own this year. It started out as a hot artificial intelligence (AI) company with mammoth potential, but it has recently become a risky investment with questionable and potentially inflated numbers due to poor accounting controls and procedures.