Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Charter Communications  / Index Rebalance

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming June 2026 index rebal event.</li>
<li>We expect over US$9.4bn one-way flows for Nasdaq 100 during the June 2026 index rebal event.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming June 2026 index rebal event.
We expect over US$9.4bn one-way flows for Nasdaq 100 during the June 2026 index rebal event.


Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Final Expectations

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>Forecasted inclusions include <a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CRWV</a> &amp; <a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">FIG</a> due to increased public voting rights, <a href="https://www.smartkarma.com/entities/bitfarms-ltd-of-canada" target="_blank" data-smartkarma-citation="entities:35932:1" rel="noopener">KEEL</a> &amp; <a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener">SUNB</a> due to newly eligible US index nationality, and <a href="https://www.smartkarma.com/entities/opendoor-technologies-inc" target="_blank" data-smartkarma-citation="entities:32216:1" rel="noopener">OPEN</a> &amp; BMNR due to a price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener"></a>Projected deletions include <a href="https://www.smartkarma.com/entities/beyond-meat-inc" target="_blank" data-smartkarma-citation="entities:28065:1" rel="noopener">Beyond Meat (BYND US)</a>, <a href="https://www.smartkarma.com/entities/getty-images-holdings-inc" target="_blank" data-smartkarma-citation="entities:37015:1" rel="noopener">Getty Images (GETY US)</a>, and <a href="https://www.smartkarma.com/entities/alight-inc" target="_blank" data-smartkarma-citation="entities:27940:1" rel="noopener">Alight (ALIT US)</a> because of prices below $1 despite market caps of ~$400m.</li>
<li>Anticipated migrations from R2000 to R1000 include<a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener"> Bloom Energy (BE US)</a>, <a href="https://www.smartkarma.com/entities/nextracker-inc" target="_blank" data-smartkarma-citation="entities:36731:1" rel="noopener">Nextpower (NXT US)</a>, <a href="https://www.smartkarma.com/entities/fabrinet" target="_blank" data-smartkarma-citation="entities:8813:1" rel="noopener">Fabrinet (FN US)</a>, and <a href="https://www.smartkarma.com/entities/credo-technology-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:35436:1" rel="noopener">Credo Technology (CRDO US)</a>, resulting in passive fund supply.</li>
</ul>


Forecasted inclusions include CRWV &amp; FIG due to increased public voting rights, KEEL &amp; SUNB due to newly eligible US index nationality, and OPEN &amp; BMNR due to a price surge.

Projected deletions include Beyond Meat (BYND US), Getty Images (GETY US), and Alight (ALIT US) because of prices below $1 despite market caps of ~$400m.
Anticipated migrations from R2000 to R1000 include Bloom Energy (BE US), Nextpower (NXT US), Fabrinet (FN US), and Credo Technology (CRDO US), resulting in passive fund supply.


US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Modal Labs hit $1B in annualized revenue in October 2026, up from $160M at the end of 2025.</li><li>Modal Labs announced a $750M Series D on October 14, 2026, at a $15.75B post-money valuation.</li><li>Modal operates as a developer-first cloud infrastructure platform with a consumption-based SaaS model.</li></ul>

Sacra estimates that Modal Labs hit $1B in annualized revenue in October 2026, up from $160M at the end of 2025.Modal Labs announced a $750M Series D on October 14, 2026, at a $15.75B post-money valuation.Modal operates as a developer-first cloud infrastructure platform with a consumption-based SaaS model.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> will be deleted from Nasdaq100 on 15 May 2026 due to the fast-exit rule, which has been implemented for the last time with the old methodology.</li>
<li>
<a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> will be added to the index replacing <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a>, <a href="https://www.smartkarma.com/entities/medline-inc" target="_blank" data-smartkarma-citation="entities:45954:1" rel="noopener">Medline (MDLN US)</a> and <a href="https://www.smartkarma.com/entities/teradyne-inc" target="_blank" data-smartkarma-citation="entities:13088:1" rel="noopener">Teradyne Inc (TER US)</a> are now the top addition candidates to replace the upcoming deletions in June 2026 with the new methodology.</li>
</ul>



Costar Group (CSGP US) will be deleted from Nasdaq100 on 15 May 2026 due to the fast-exit rule, which has been implemented for the last time with the old methodology.

Lumentum Holdings (LITE US) will be added to the index replacing Costar Group (CSGP US).

CoreWeave (CRWV US), Medline (MDLN US) and Teradyne Inc (TER US) are now the top addition candidates to replace the upcoming deletions in June 2026 with the new methodology.


Lumentum (LITE US): Nasdaq100 Inclusion Driven by Costar’s Fast‑Exit

<ul><li>Sacra estimates Crusoe hit $276M in revenue in 2024, up 82% YoY, driven by explosive growth in its GPU cloud operations.</li><li>Crusoe projects that it will grow revenue to ~$500M in 2025, driven largely by their role in OpenAI&#39;s $500B Stargate project.</li><li>In October 2025, Crusoe announced the initial close of an anticipated $1.375B Series E at an expected valuation exceeding $10B, co-led by Mubadala Capital and Valor Equity Partners.</li></ul>

Sacra estimates Crusoe hit $276M in revenue in 2024, up 82% YoY, driven by explosive growth in its GPU cloud operations.Crusoe projects that it will grow revenue to ~$500M in 2025, driven largely by their role in OpenAI&#39;s $500B Stargate project.In October 2025, Crusoe announced the initial close of an anticipated $1.375B Series E at an expected valuation exceeding $10B, co-led by Mubadala Capital and Valor Equity Partners.

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

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CoreWeave (CRWV US)

Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Final Expectations

First Nasdaq 100 quarterly rebal under the new rules: five DELs, five ADDs, and ~US$9.4bn of one-way flow expected in June 2026.

Anjana Amarasuriya

US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

The last annual reconstitution for index US‑R3000 is approaching, with additions and deletions driven by public voting rights, extreme price...

Dimitris Ioannidis

Lumentum (LITE US): Nasdaq100 Inclusion Driven by Costar’s Fast‑Exit

Costar will be removed from Nasdaq100 via fast‑exit on 15 May with Lumentum replacing it, while Medline, CoreWeave and Teradyne are the top...

Dimitris Ioannidis

Primer: Crusoe - 10 May 2026

GPU cloud powered by stranded natural gas for AI training and crypto mining

Sacra

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Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Final Expectations

First Nasdaq 100 quarterly rebal under the new rules: five DELs, five ADDs, and ~US$9.4bn of one-way flow expected in June 2026.

Anjana Amarasuriya

US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

The last annual reconstitution for index US‑R3000 is approaching, with additions and deletions driven by public voting rights, extreme price...

Dimitris Ioannidis

Primer: Modal Labs - 18 May 2026

Platform enabling developers to run code in the cloud without configuring infrastructure

Sacra

Lumentum (LITE US): Nasdaq100 Inclusion Driven by Costar’s Fast‑Exit

Costar will be removed from Nasdaq100 via fast‑exit on 15 May with Lumentum replacing it, while Medline, CoreWeave and Teradyne are the top...

Dimitris Ioannidis

Primer: Crusoe - 10 May 2026

GPU cloud powered by stranded natural gas for AI training and crypto mining

Sacra