Following the announcement of Nasdaq's quarterly index rebalancing, CoreWeave and Nebius will be added to the Nasdaq 100 prior to the open on June 22. Inclusion in this benchmark index typically increases institutional visibility for the affected companies and may also generate demand for tracking ETFs and passive capital allocation.
AI companies enter core indices
Joining the index alongside these two companies are Astera Labs, Rocket Lab, and Teradyne. This adjustment continues a key trend in the U.S. stock market in recent years: companies related to AI computing power, cloud services, and data centers are consistently attracting increased investor attention.
CoreWeave’s inclusion has drawn particular attention because the company was formerly a cryptocurrency mining firm that successfully transitioned its business to become one of the fastest-growing AI infrastructure providers in the public markets.
CoreWeave expands after shifting to AI
CoreWeave initially focused on cryptocurrency mining. After the crypto market downturn in 2018 weakened the economics of mining, the company exited the business in 2019 and repositioned itself as an AI infrastructure provider. Since then, rising demand for high-performance computing has significantly accelerated its valuation and capital activities.
Recent business developments have further strengthened its position in the AI sector. Reports indicate that the company signed a multi-year agreement this year with Anthropic to provide computing power for the Claude model series; it previously completed an $8.5 billion funding round led by Meta Platforms.
Mining companies still face operational pressures.
The structure of this financing also differs from the traditional model commonly seen in mining companies. The arrangement relies more on deployed computing power and expected cash flows, rather than using GPU hardware itself as the primary collateral. Nebius, on the other hand, primarily focuses on AI cloud services, positioning itself as a full-stack AI cloud platform, and benefits from the ongoing rise in demand for computing power in model training and inference.
In contrast to AI companies entering the core technology index, some crypto mining firms continue to face operational and listing pressures. For example, Canaan increased the efficiency of its mining fleet to 17.9 joules per terahash in May, mined 90 bitcoins that month, and raised its inventory to approximately 1,867 BTC and 3,952 ETH.
Canaan's first-quarter revenue was $62.7 million, below $196.3 million in the prior quarter; its net loss during the same period was $88.7 million. The company also received a second Nasdaq non-compliance notice due to its stock price remaining below the $1 minimum bid requirement, and it must regain compliance by July 13, 2026.
This index adjustment reflects growing investor interest in cloud capacity, AI data centers, and computing infrastructure. In contrast, traditional cryptocurrency mining companies continue to seek new growth avenues, with some having regained capital market attention by pivoting to AI businesses.