Sporting giant Nike, a member of the S&P 100 since 2008, is set to be removed from the index. Since its 2021 all-time high, Nike’s stock has declined nearly 80%, erasing approximately $230 billion in market value and leaving it at around $58 billion—still sufficient to remain in the S&P 500. The S&P 100 includes only the largest and most liquid companies from the S&P 500, so its departure reflects a shift in market capitalization ranking. Compounding the issue, passive funds tracking the index will be forced to sell their holdings once the adjustment takes effect, adding further structural selling pressure on Nike amid stagnant revenue, shrinking gross margins, and ongoing challenges in Greater China. Joining Nike in departure are Colgate-Palmolive, Simon Property Group, and Honeywell Aerospace. Replacing them are Dell, Palo Alto Networks, Arista Networks, and SanDisk—all companies focused on enterprise hardware, cloud networking, cybersecurity, and data infrastructure.