Nasdaq-100 rebalance set for June 22 forces $800 billion of passive buying into AI-linked newcomers

Nasdaq said on June 11 it will rebalance the Nasdaq-100 before the market opens on June 22, adding Astera Labs, CoreWeave, Nebius Group, Rocket Lab and Teradyne while removing five companies including Charter Communications. The change is expected to trigger mandatory repositioning by more than $800 billion that tracks the index. The new entrants are closely tied to AI capital spending, and CoreWeave—a newly listed AI computing provider—carries roughly $30 billion of debt and holds speculative-grade credit ratings. The reshuffle does not alter any company’s fundamentals, but it increases the index’s concentration in AI infrastructure and its embedded credit risk.