Walmart to Join Nasdaq-100 Index as It Replaces AstraZeneca Following Exchange Move

Walmart is set to join the Nasdaq-100 Index, replacing British pharmaceutical giant AstraZeneca, as part of an index rebalancing effective before the market opens on January 20, according to a statement released by Nasdaq. This move follows Walmart’s earlier announcement in November that it would shift its primary stock listing from the New York Stock Exchange (NYSE) to Nasdaq, marking a significant change for the world’s largest retailer after decades on the NYSE.

The inclusion of Walmart in the Nasdaq-100 Index underscores the growing appeal of Nasdaq as a listing venue for large, high-profile companies. The Nasdaq-100 Index tracks 100 of the most valuable non-financial companies listed on the Nasdaq exchange and includes global leaders such as Apple, Nvidia, Microsoft, and Amazon. In addition to the main index, Walmart will also be added to the Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Ex-Tech Sector Index, further expanding its presence across Nasdaq’s flagship benchmarks.

Companies often decide to change listing venues when they believe another exchange offers better alignment with their investor base, advanced trading technology, enhanced services, or lower listing and compliance costs. In recent years, Nasdaq has positioned itself as an attractive platform not only for technology companies but also for major consumer, healthcare, and industrial firms seeking broader exposure and index inclusion.

Several companies that moved from the NYSE to Nasdaq in 2025 cited the growing prestige and visibility of the Nasdaq-100 Index as a key factor in their decision. Being part of the index can lead to increased demand from index-tracking funds and institutional investors, potentially boosting liquidity and long-term shareholder value.

For Walmart, the transition represents more than a symbolic shift. It aligns the retail giant with a group of globally influential companies and reflects its evolving business model, which increasingly integrates e-commerce, technology, and data-driven operations. Meanwhile, AstraZeneca’s removal highlights the competitive and dynamic nature of major stock indices, where changes in market capitalization and listings can quickly reshape index composition.