America’s biggest tech companies have become too large even for the stock index tracking America’s biggest tech companies.The seemingly unstoppable growth of megacaps like Apple and Microsoft mean they have breached an upper limit imposed on stocks in the Nasdaq 100. As a result, Nasdaq Inc has announced a “special rebalance” will be carried out to redistribute the members.
Nasdaq’s extraordinary action is a result of the relentless rally that has accounted for almost all the broader market’s gains in 2023. Fuelled by optimism over artificial intelligence, the supercharged performance has sparked a heated debate on Wall Street about whether this top-heavy advance can last.
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