CoreWeave Inc (NASDAQ:CRWV) and Astera Labs Inc (NASDAQ:ALAB) led gains on Friday after Nasdaq announced five new companies will join the Nasdaq 100 index as part of its quarterly rebalance, effective June 22.

Key Highlights

  • CoreWeave shares jumped 9% on news of its addition to the Nasdaq 100.
  • Astera Labs shares gained almost 4% following the index announcement.
  • Nebius Group and Teradyne both advanced close to 6% on the rebalance news.
  • Rocket Lab is also set to join the Nasdaq 100, effective June 22.

CoreWeave Inc (NASDAQ:CRWV) and Astera Labs Inc (NASDAQ:ALAB) were among the biggest movers on Friday after Nasdaq confirmed five new companies will be added to the Nasdaq 100 index as part of its quarterly rebalance, effective June 22.

CoreWeave shares jumped 9% following the announcement, while Astera Labs gained almost 4%. Both companies operate in segments closely tied to artificial intelligence infrastructure, an area that has continued to attract strong investor interest.

Shares of Nebius Group (NASDAQ:NBIS) and Teradyne Inc (NASDAQ:TER) also advanced close to 6% each, reflecting similar enthusiasm for companies set to join the closely tracked tech-heavy benchmark.

Rocket Lab (NASDAQ:RKLB) is also slated to join the Nasdaq 100 as part of the same quarterly rebalance, rounding out the group of five new additions effective June 22.

Inclusion in the Nasdaq 100 typically generates increased demand for a stock, as funds and exchange-traded products that track the index are required to adjust their holdings to reflect the updated composition. This mechanical buying pressure often contributes to short-term price gains for newly added companies, as seen in Friday's trading.

For CoreWeave and Astera Labs in particular, the addition reinforces their growing prominence within the artificial intelligence infrastructure ecosystem, an area that has driven significant index turnover in recent quarterly rebalances as new entrants tied to AI compute, networking, and data center growth continue to expand.

Investors tracking Nasdaq 100 index funds will see their portfolios adjust to reflect the new constituents starting June 22, with existing holdings rebalanced to accommodate the five additions. The quarterly rebalance process is a routine mechanism through which Nasdaq updates the index to reflect changes in market capitalization and eligibility among Nasdaq-listed companies.