'Collapse for the history books': Nike booted from S&P 100 after 18 years; meet 4 tech stocks taking its place
The other companies being removed are Honeywell Aerospace, Simon Property Group and Colgate-Palmolive
All four replacements come from the information technology sector, further tilting the index towards AI infrastructure, semiconductors, memory and cybersecurity
Nike is being shown the door at the S&P 100, ending a nearly 18-year run in the index of the largest and most established US companies.
The sportswear giant will be removed from the benchmark on September 21, while four technology stocks – Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk – move up from the broader S&P 500 to take the vacant spots.
S&P Dow Jones Indices confirmed the changes as part of its quarterly index rebalancing. Nike will remain a member of the S&P 500, but its fall in market value has pushed it out of the S&P 100.
The other companies being removed are Honeywell Aerospace, Simon Property Group and Colgate-Palmolive. All four replacements come from the information technology sector, further tilting the index towards AI infrastructure, semiconductors, memory and cybersecurity.
SanDisk was already getting a strong investor vote ahead of its inclusion. According to a Yahoo Finance report, SanDisk shares surged 11.9% on Friday to close at $1,740, marking their third straight session of gains. Its entry into the S&P 100 could increase institutional demand, as funds tracking the index will need to adjust their holdings to reflect the new composition.
Arista Networks supplies networking equipment used to connect large-scale data centres, while SanDisk is a flash-memory maker spun out of Western Digital. Palo Alto Networks is benefiting from the growing focus on cybersecurity as companies pour money into artificial intelligence, and Dell Technologies has exposure to the hardware and infrastructure spending powering the AI build-out.
What went wrong for Nike?
Nike’s removal is ultimately a story of a company that has lost significant market value while technology stocks powering the AI investment cycle have raced ahead.
Nike closed at $38.40 on Friday, its lowest level in 12 years. The stock has roughly halved over the past year and is down about 76% over five years. Its market capitalisation has fallen to around $57 billion from approximately $264 billion at the end of 2021.
The decline reflects a broader struggle to reignite growth after years of dominance in the global sportswear market. Nike has faced weaker demand in key markets, pressure from competition, a difficult reset of its direct-to-consumer strategy and challenges in rebuilding momentum around its product pipeline.
The contrast with the S&P 100 could hardly be sharper. The index has gained about 83% over the same five-year period, underscoring how sharply investor preferences have shifted towards companies tied to technology and AI-driven capital spending.
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
The Kobeissi Letter, a financial markets commentary group, highlighted the scale of Nike’s collapse in a post on September 6, noting that the stock had fallen around 80% from its record high and had erased roughly $230 billion in market value since its peak.