$Invesco QQQ Trust(QQQ.US)

Nasdaq 100 constituent changes after tonight's close.

Stocks likely to be added based on AI analysis. Stay tuned.

Astera Labs (ALAB)

• Analysis: As a key player in AI hardware infrastructure (connecting semiconductors), Astera Labs has performed remarkably in 2025. Its market cap has climbed to nearly $30 billion, fully satisfying liquidity and market cap requirements. It represents the "AI 2.0" infrastructure wave.

• Selection logic: Classic Nasdaq 100 style - high growth, hard tech, semiconductor segment leader.

Pure Storage (PSTG)

• Analysis: Enterprise all-flash storage provider. Benefiting from AI data centers' demand for high-speed storage, its market cap has steadily grown to nearly $30 billion.

• Selection logic: Long-listed on Nasdaq, its market cap ranking is at the edge of non-financial top 100, likely to replace lower-ranked legacy constituents.

Controversies and highlights

Coinbase (COIN)

• Market cap: ~$72 billion (far exceeding inclusion threshold).

• Controversy: Industry classification. Nasdaq 100 strictly excludes "Financials" companies. While Coinbase is a crypto exchange, ICB often classifies it as "Financial Services" or "Specialty Finance". If Nasdaq reclassifies it as "Tech/Software" or recognizes its non-traditional financial nature, inclusion is certain; otherwise it remains excluded.

• Judgment: 50/50 probability, depending on index committee's view of "crypto asset service providers".