Focus points of the Nasdaq 100 adjustment
Key points regarding the Nasdaq 100 index adjustment on December 13:
1. Results: In December 2025, Nasdaq officially announced the annual adjustment list for the Nasdaq 100, which will take effect before the market opens on December 22 (Monday):
- Included companies (6)
Alnylam Pharmaceuticals (ALNY): Biotech, focused on RNAi therapies, market cap ~$52.5 billion.
Ferrovial SE (FER): Infrastructure and transportation operations, market cap ~$48.8 billion.
Insmed Incorporated (INSM): Biopharmaceuticals, focused on rare disease treatments, market cap ~$24.1 billion.
Monolithic Power Systems (MPWR): Power management chips, market cap ~$85.6 billion.
Seagate Technology (STX): Data storage (hard drives), market cap ~$36.7 billion.
Western Digital (WDC): Data storage (HDD/SSD), market cap ~$41.2 billion.
- Excluded companies (6)
Biogen (BIIB): Biotech, neurological diseases, market cap ~$39.8 billion.
CDW Corporation (CDW): IT hardware, market cap ~$28.3 billion.
GlobalFoundries (GFS): Semiconductor foundry, market cap ~$32.5 billion.
Lululemon Athletica (LULU): Athletic apparel retailer, market cap ~$31.2 billion.
ON Semiconductor (ON): Power semiconductors, market cap ~$30.5 billion.
The Trade Desk (TTD): Ad tech (programmatic), market cap ~$29.7 billion.
2. Key observations:
1. MSTR was not excluded:
This recently controversial BTC DAT was not excluded from the Nasdaq 100, which could impact around $8 billion in capital. This is also a bargaining chip for Saylor and the MSCI index, with MSCI affecting around $2.8 billion.
This reflects that the Nasdaq 100 index adjustments follow rules (rationality) rather than sentiment (emotionality). It's not about sentiment deeming a company unworthy of inclusion but rather a careful assessment based on rules.
Regarding DAT, after deep adjustments, I am currently bullish. MSTR+BMNR, as previously explained, is mainly about digital gold and oil hitting new highs in the current global situation, with the potential for the four-year halving cycle to be disrupted. However, DAT's nature means it can double or halve, with high volatility. Don't go all in; buy in batches at mNAV 1.2, 1.0, and below, controlling position size.
2. Inclusion of hot storage stocks STX+WDC, exclusion of popular stocks like yoga pants:
This reflects a judgment on valuation. Many investors may think storage is overvalued and yoga pants are undervalued, but the Nasdaq 100's rebalancing reflects its contrary view.
Storage: As AI models grow larger, computing power increases, and data volumes expand, storage demand rises, and storage chips are in short supply. This logic is continuously validated by industry chains, high-frequency data, and financial data.
Yoga pants: I don't track this much, so I can't comment.
3. The Nasdaq 100's final inclusions are based on a balance of free-float market cap, liquidity, industry representation, and index structure. It represents a trend of the times, like a marshal leading troops into battle, always selecting the strongest warriors of the era to drive the index to new highs. For ordinary people, dollar-cost averaging into QQQ is a relatively safe choice.
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