Nike drops out of the S&P 100 as IT and data-infrastructure names move in

Nike will leave the S&P 100 on September 21 after nearly 18 years, a casualty of a multiyear slide that erased more than $200 billion in market value. The stock has fallen roughly 78% from its November 2021 peak of about $264 billion, leaving the company worth around $57 billion today; a 36% drop in 2026 alone pushed it below the index’s market-cap threshold. Nike stays in the broader S&P 500. Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive exit the top-100 benchmark on the same date.

The more telling story for a tech audience is who replaces them. Dell, Palo Alto Networks, Arista Networks, and Sandisk are moving into the blue-chip index, reflecting how servers, networking, storage, and security infrastructure now anchor U.S. large-cap value. The reshuffle is the market-cap ranking catching up to the AI-driven buildout of data-center hardware.

Nike’s decline is fundamental, not just sentiment. Fiscal 2026 revenue fell 2% (currency-neutral) to $46.4 billion, Greater China sales dropped 17% in the latest quarter amid eight straight quarters of decline, and direct-to-consumer revenue slipped 6%. CEO Elliott Hill’s turnaround is leaning back into wholesale, inventory cleanup, and performance products while facing pressure from Chinese brands like Anta and Li Ning and challengers such as Hoka and On. The company has warned that revenue will keep falling into the first half of fiscal 2027.