SanDisk will join the S&P 500 on November 28, 2024, replacing Interpublic Group, according to S&P Dow Jones Indices. SanDisk shares rose more than 9% in after-hours trading following the announcement. This move reflects the company’s strong momentum, driven by storage demand for AI applications, pushing its market capitalization to about $33 billion. Being added outside of the quarterly rebalancing cycle indicates strong buying power and expectations of passive capital inflows from index-tracking funds.
Meanwhile, Strategy continues to be excluded from the S&P 500 despite holding more than 640,000 Bitcoin worth over $72 billion. Although it meets certain criteria, the company is still considered risky due to profits fluctuating with Bitcoin prices, lacking four consecutive profitable quarters, and holding a “B-” credit rating. These factors make it difficult for Strategy to meet the S&P 500’s stability requirements.
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