Nike Removed From S&P 100 as Four Tech Stocks Join

On September 21, Nike will exit the S&P 100, and four technology companies will take its place. The four—Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk—are moving up from the broader S&P 500.

The index provider confirmed the moves during its regular quarterly rebalancing. While Nike will remain in the S&P 500, it no longer ranks among the 100 largest U.S. companies.

Four Tech Names Take the Open Seats

Nike is not alone in departing. Honeywell Aerospace, Simon Property Group and Colgate-Palmolive will also be removed that day. But all four incoming stocks are from the information technology sector.

As a result, the index's weighting shifts further toward semiconductors, cloud infrastructure and cybersecurity.

BREAKING: After falling -80% from its record high, Nike, $NKE, will be removed from the S&P 100 at the end of this month, ending a near 18-year run in the index.

The stock has now erased -$230 billion in market cap since its all time high.

A collapse for the history books. pic.twitter.com/jGr2R3JswU

— The Kobeissi Letter (@KobeissiLetter) September 5, 2026

Arista Networks supplies the switches used to link AI data centers. SanDisk, which was spun off from Western Digital last year, manufactures flash memory.

Palo Alto Networks CEO Nikesh Arora has said the surge in AI investment requires a fresh approach to security. Dell Technologies rounds out the group. Each of the four is benefiting from the capital expenditure wave that has driven this year's stock market records.

The S&P 100 index comprises the biggest and most established companies in the S&P 500. Index-tracking funds will now need to buy the new entrants and sell the departing stocks. SanDisk's share price rose after the announcement.

Also on that day, Bloom Energy, Illumina and Everpure will be added to the S&P 500.

Why Nike Lost Its S&P 100 Spot

The numbers are stark. Nike ended Friday at $38.40, its lowest price in 12 years. The stock has fallen roughly 50% over the past year and about 76% over five years.

The market capitalisation tells a similar tale. Nike is now worth near $57 billion, down from about $264 billion at the end of 2021. Over that same five-year period, the S&P 100 has risen 83%.

The decline has drawn attention from cryptocurrency traders, as Nike's drop since 2021 has been steeper than Bitcoin's. Last week, Strategy introduced a $250 pair of Bitcoin Jordans, though the sneakers cannot be purchased with digital currency.

Nike continues to sell many more sneakers than SanDisk sells memory chips. But investors are rewarding growth, and currently growth lies with technology.