Sandisk Joins S&P 100 Index as Nike Exits

Sandisk (SNDK) has been added to the S&P 100 index, along with three other companies - Dell Technologies, Palo Alto Networks, and Arista Networks. The change takes effect on Monday, September 21st, as announced by S&P Dow Jones Indices on September 4th.

The four companies leaving the index are Nike (NKE), Colgate-Palmolive, Simon Property Group, and Honeywell Aerospace. This move highlights the significant performance of Sandisk this year, with its shares gaining over 600% in value, making it the top performer in the S&P 500.

The addition to the S&P 100 index means that Sandisk will be subject to forced buying by funds tracking the index, but the impact is expected to be modest. The iShares' S&P 100 fund holds around $20 billion, and even if it buys half a percent of the index, which would require about $100 million of stock, it's unlikely to have a significant effect on the market.

Sandisk's business performance has driven its rally, with the company generating exceptional revenue in fiscal 2026. The year saw revenue growth of 175% year-over-year, led by a 437% surge in data center revenue. However, management's guidance for fiscal Q1 2027 indicates slowing growth, with revenue expected to range between $10.3 billion and $10.8 billion.