SynopsisCognizant Technology Solutions will be removed from the Nasdaq-100 index on June 22 after more than two decades. The reshuffle sees AI-focused firms like Astera Labs and CoreWeave added, reflecting a market shift towards AI and semiconductor companies. This change follows a significant drop in Cognizant's stock value over the past six months.AgenciesCognizant Technology Solutions will be removed from the Nasdaq-100 effective June 22, marking its exit from the benchmark after more than two decades, according to Nasdaq’s official June 2026 quarterly rebalance announcement.The index reshuffle, announced on June 11, will also see Charter Communications, Insmed, Verisk Analytics and Zscaler removed from the index. They will be replaced by companies including Astera Labs, CoreWeave, Nebius Group, Rocket Lab and Teradyne, reflecting Nasdaq’s latest quarterly rebalancing.The Nasdaq-100 tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq exchange and is followed by more than 200 investment products with over $800 billion in assets under management globally.The latest changes come amid a broader shift in market dynamics, with artificial intelligence and semiconductor-linked firms gaining prominence over traditional IT and software services companies. Recent reports indicate that companies tied to AI infrastructure and chipmaking have seen strong investor interest and stock performance, contributing to their inclusion in the index, while some outgoing firms have faced weaker momentum in comparison. The changes will take effect before the market opens on June 22.Separately, Nasdaq introduced updated index rules, including a “fast entry” mechanism effective May 2026, which allows faster inclusion of large, newly listed companies and may influence index composition in upcoming rebalances.Shares of Cognizant Technology have tumbled nearly 38% over the past six months, erasing billions of dollars in market value. The stock closed at $52.17 on June 12, down 37.85%. ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now