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.

Index Rebalance

<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

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 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.

<ul>
<li>In a data center, hundreds of thousands of GPUs need constant shared access to training data, checkpoints, embeddings, model outputs, and agent memory, pushing AI labs (xAI), neoclouds (CoreWeave, Lambda, Crusoe), and hyperscalers (Microsoft, Google) toward VAST Data’s separated compute/shared flash architecture—which maps well to GPU clusters with many machines reading and writing to one data pool—versus high-speed storage systems designed for supercomputing (Weka, DDN) and reliable storage for basic IT (Pure, Dell, NetApp).</li>
<li>As AI shifts from chatbots to agents, massive amounts of unsupervised tool calls, generated code, and persistent agent memory require multimodal filesystems that handle PDFs, audios, and video rather than just structured data, and these compounding amounts of data must be stored and accessible via fast access, driving storage demand up and flash memory prices up 8x, a tailwind behind infrastructure that makes storage more efficient and works with low-cost or retrofitted flash.</li>
<li>The upside opportunity is to serve as the unifying AI software operating system that powers the infrastructure layer of NVIDIA CEO Jensen Huang’s AI five-layer cake, abstracting away the GPUs &amp; hardware underneath for the developers building models &amp; applications above, expanding the market from model companies &amp; neoclouds into the long tail of enterprises building their own secure, access-controlled agentic applications.</li>
</ul>


In a data center, hundreds of thousands of GPUs need constant shared access to training data, checkpoints, embeddings, model outputs, and agent memory, pushing AI labs (xAI), neoclouds (CoreWeave, Lambda, Crusoe), and hyperscalers (Microsoft, Google) toward VAST Data’s separated compute/shared flash architecture—which maps well to GPU clusters with many machines reading and writing to one data pool—versus high-speed storage systems designed for supercomputing (Weka, DDN) and reliable storage for basic IT (Pure, Dell, NetApp).
As AI shifts from chatbots to agents, massive amounts of unsupervised tool calls, generated code, and persistent agent memory require multimodal filesystems that handle PDFs, audios, and video rather than just structured data, and these compounding amounts of data must be stored and accessible via fast access, driving storage demand up and flash memory prices up 8x, a tailwind behind infrastructure that makes storage more efficient and works with low-cost or retrofitted flash.
The upside opportunity is to serve as the unifying AI software operating system that powers the infrastructure layer of NVIDIA CEO Jensen Huang’s AI five-layer cake, abstracting away the GPUs &amp; hardware underneath for the developers building models &amp; applications above, expanding the market from model companies &amp; neoclouds into the long tail of enterprises building their own secure, access-controlled agentic applications.


Renen Hallak, CEO Of VAST Data, On AI Agents Creating Infinite Storage Demand

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.</li>
<li>The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.</li>
<li>Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.</li>
</ul>


Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.
The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.
Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.


Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>One active M&amp;A deal could trigger an intra-review ADD. Shareholders have already approved the deal.</li>
<li>We expect three changes and around US$5bn one-way flow for Nasdaq 100 in the June index rebal event and another $2bn in one-way flows on the intra-review change.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
One active M&amp;A deal could trigger an intra-review ADD. Shareholders have already approved the deal.
We expect three changes and around US$5bn one-way flow for Nasdaq 100 in the June index rebal event and another $2bn in one-way flows on the intra-review change.


Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

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)

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

Renen Hallak, CEO Of VAST Data, On AI Agents Creating Infinite Storage Demand

You founded VAST Data in 2016. What was the founding insight behind the company...

Sacra

Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Cerebras Systems has once again filed their S-1 to go public. Given their $20B contract with OpenAI, hyper-growth profile and solid balance sheet,...

Andrei Zakharov

Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

Three expected changes in the June 2026 Nasdaq 100 rebalance, an active M&A deal in play, and a SpaceX inclusion expected by late July.

Anjana Amarasuriya

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