The change will occur before the start of trading on June 24 and is part of a quarterly rebalancing, said Nasdaq in a news release.
Arm Holdings currently has a market capitalization of $165 billion U.S. In comparison, Sirius XM’s market cap stands at $9.75 billion U.S.
The Nasdaq 100 is rebalanced quarterly and factors in market capitalization and stock performance when adding and removing securities.
Sirius XM’s stock is down 54% so far in 2024 and trading at $2.54 U.S. per share, making it a penny stock.
The stock of Arm Holdings has risen 130% on the year and is trading at $158.05 U.S. per share.
Sirius XM’s stock has been the worst performer this year in the Nasdaq 100, which is an index comprised of the 100 largest non-financial companies listed on the broader Nasdaq Composite stock exchange.
Arm Holdings is expected to benefit from inclusion in the Nasdaq 100 as mutual funds and exchange-traded funds (ETFs) that track the index will now buy its shares.
The Nasdaq 100 currently has a market value of $22 trillion U.S.
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