S&P 100 Reshuffle Adds Sandisk and Three Tech Names, Drops Nike

A major index reshuffle takes effect before the market opens on Monday, Sept. 21, with Sandisk (NASDAQ:SNDK) set to join the S&P 100, the subset of the S&P 500 comprising 100 of the largest blue-chip companies. S&P Dow Jones Indices announced the changes on Sept. 4.

Sandisk will not come alone. Dell Technologies (NYSE:DELL), Palo Alto Networks (NASDAQ:PANW), and Arista Networks (NYSE:ANET) are also entering the elite index, giving the incoming class a distinctly technology-heavy flavor spanning storage hardware, infrastructure computing, cybersecurity, and cloud networking.

Making room are four departures: Nike (NYSE:NKE), Colgate-Palmolive, Simon Property Group, and Honeywell Aerospace.

A 2026 Story Written by Data Storage

The composition of the changes reflects how the year has unfolded. Sandisk, which develops NAND flash-based storage products including solid-state drives, has seen its shares surge more than 600% in 2026 — the strongest performance of any stock in the S&P 500. The momentum has continued into the index addition itself: Sandisk closed most recently at $1,740.00, up 12.3% from its prior close of $1,549.40, giving the company a market capitalization of roughly $186 billion.

The other incoming names have also commanded substantial market values. Dell Technologies, which sells integrated infrastructure solutions across servers and storage, trades near $543.51 with a market cap of about $269 billion. Palo Alto Networks, whose portfolio includes secure access and AI-driven security offerings, sits near $333.26, valuing the company at roughly $280 billion. Arista Networks, which builds networking gear for AI and data center environments, trades around $199.39 with a market cap of approximately $240 billion.

Nike, by contrast, has faced a tougher stretch. The athletic apparel and footwear giant trades at $43.19, down 1.24% on its most recent session, with a market capitalization of about $65 billion — no longer large enough to hold a blue-chip index slot.

Why Index Membership Matters

S&P 100 inclusion typically broadens a company’s visibility among index-linked funds and institutional portfolios that track the mega-cap benchmark. The reshuffle also underscores how technology companies tied to AI infrastructure and data storage have climbed the market-cap rankings this year, displacing legacy consumer and industrial stalwarts.

Source: original release

What to watch

• Index-tracking fund flows tied to the S&P 100 changes at Monday’s open.
• Sandisk’s follow-through after its 12.3% single-session move and 600%-plus year-to-date run.
• Upcoming quarterly earnings reports from Sandisk, Dell, Palo Alto Networks, and Arista Networks.
• Nike’s next earnings release as it exits the blue-chip index.