SanDisk to Join S&P 100 on Sept. 21, Replacing Nike and Three Others

NAND flash maker SanDisk (SNDK) will join the S&P 100 on Monday, Sept. 21, 2026, alongside Dell (DELL), Palo Alto Networks (PANW) and Arista Networks (ANET). Nike (NKE), Colgate-Palmolive (CL), Simon Property Group (SPG) and Honeywell Aerospace (HONA) will exit the index. The addition caps a dramatic year for SanDisk, whose shares are up over 600% in 2026. Its market capitalization of roughly $260 billion is more than four times Nike's approximately $54 billion; Nike hit a 52-week low this week. Passive inflows may be smaller than expected. SanDisk already belongs to the S&P 500, so large index funds already hold it. Only S&P 100-tracking funds must buy, and BlackRock's iShares S&P 100 fund holds about $20 billion versus roughly $837 billion in its core S&P 500 fund. At a 0.5% index weight, that implies about $100 million of buying — easily absorbed, given SanDisk's daily trading value exceeds $15 billion. SanDisk's rally reflects fundamentals, not index flows. Fiscal 2026 revenue reached $20.25 billion, up 175% year over year, with data-center revenue up 437%; net income was $11.4 billion. However, growth is decelerating: fourth-quarter revenue rose 51% sequentially versus 97% in the third quarter, and management guides first-quarter fiscal 2027 revenue of $10.3-$10.8 billion, about 18% sequential growth. Gross margins may be near a peak at 83%-85%. Shares trade near $1,800, about 24% below June's $2,354.39 high.