On September 21 Nike will be removed from the S&P 100 after a 76% five-year slide, with the stock at $38.40 and market value down to about $57 billion from $264 billion at the end of 2021. Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk will replace it, tilting the index toward chips, cloud hardware and cybersecurity and forcing funds that track the S&P 100 to rebalance as SanDisk shares jumped. Crypto traders noted Nike’s decline versus Bitcoin, highlighting investor allocation shifting toward tech, security and adoption themes.

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In Brief

Nike leaves the S&P 100 on September 21 after a 76% five-year slide.
Dell, Palo Alto Networks, Arista Networks and Sandisk take the four open seats.
Honeywell Aerospace and Colgate-Palmolive also exit, with every newcomer from tech.

Nike leaves the S&P 100 on September 21, and four technology companies take its place. Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk all move up from the wider S&P 500.

S&P Dow Jones Indices confirmed the changes in its quarterly rebalance. Nike keeps its S&P 500 membership, but it drops out of the 100 largest US companies.

Four Tech Names Take the Open Seats

Nike is not the only exit. Honeywell Aerospace, Simon Property Group and Colgate-Palmolive also leave on the same date. Every replacement, however, comes from the information technology sector.

The index now leans more heavily toward chips, cloud hardware, 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 sells the switches that connect AI data centers. SanDisk, spun out of Western Digital last year, makes flash memory.

Palo Alto Networks chief executive Nikesh Arora recently argued that the AI spending wave demands a new AI security stack. Dell rounds out the group. All four ride the capital spending boom behind this year’s record highs.

The S&P 100 holds the largest and most established members of the S&P 500. Funds that track it must now buy the newcomers and sell the leavers. SanDisk shares jumped on the news.

Bloom Energy, Illumina and Everpure join the S&P 500 the same morning.

S&P 100 index chart. Source: TradingView

Why Nike Lost Its S&P 100 Spot

The math is brutal. Nike closed at $38.40 on Friday, its weakest level in 12 years. The stock has lost about half its value in a year and roughly 76% over five years.

Market value tells the same story. Nike is worth close to $57 billion today, down from about $264 billion at the end of 2021. The S&P 100 gained 83% over those same 5 years.

Nike five-year stock chart ahead of its S&P 100 removal. Source: TradingView

Crypto traders have watched the slide closely, because Nike has fallen further than Bitcoin since 2021. Strategy even launched $250 Bitcoin Jordans last week, although buyers cannot pay in crypto.

Nike still sells far more sneakers than SanDisk sells memory chips. Investors, however, pay for growth. Today they pay for tech.

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