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For those of you closely watching who’s up and who’s down on the Nasdaq 100, today’s update is about as exciting as the looming NBA playoffs. Sandisk, the chipmaker and flash drive firm, bumped Atlassian out of the list as of Monday morning.

Sandisk was the best-performing stock on the S&P 500 last year, benefiting from the mad rush to build the plumbing driving the AI boom. It’s, in no uncertain terms, one of the hottest stocks in the market right now. Sandisk first started trading after it spun off from Western Digital on February 14 last year, at just over $36 per share. By the end of 2025, the stock hit $250. It eclipsed $901 mid-day Monday, up nearly 230% this year.

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Basically, the picks-and-shovels AI trade in one chart. Sandisk competes with other chip firms like Micron, Samsung, and SK Hynix, though it maintains a manufacturing partnership in Japan which insulates it from geopolitical uncertainty around China’s not-so-secret longing for Taiwan.

The Nasdaq 100 comprises the 100 largest non-financial stocks listed on the Nasdaq by market cap. It’s essentially a proxy for Big Tech. It’s heavily concentrated at the top — think mega-cap companies like Apple, Amazon, and Nvidia — and drives billions of dollars of investment products like the widely traded QQQ ETF. It also moves more, um, dynamically than the broader S&P 500, as it's more sensitive to tech and AI earnings, interest rate changes, and risk appetite than the broader indexes.

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