Walmart to Replace AstraZeneca in Strategic Nasdaq-100 Index Update
New York, Saturday, 10 January 2026.
Replacing AstraZeneca on January 20, Walmart enters the tech-heavy Nasdaq-100, validating its digital transformation as the retailer approaches a historic $1 trillion valuation.
Walmart Joins the Nasdaq-100
Nasdaq (NDAQ) officially announced on Friday, January 9, 2026, that Walmart Inc. (WMT) will be added to the Nasdaq-100 Index (NDX) prior to the market opening on Tuesday, January 20, 2026 [1][4]. This inclusion extends to the Nasdaq-100 Equal Weighted Index (NDXE) and the Nasdaq-100 Ex-Tech Sector Index (NDXX), positioning the retailer alongside the 100 largest non-financial companies listed on the exchange [1]. The move necessitates a significant rebalancing for passive funds tracking these indices, which must acquire Walmart shares to align with the new composition.
A Digital Transformation Realized
The inclusion underscores Walmart’s successful pivot from a traditional brick-and-mortar chain to a technology-integrated enterprise. As of late 2025, the company was approaching a valuation of $1 trillion, a milestone supported by robust growth in high-margin digital sectors [2]. In the third quarter of fiscal year 2026, which ended October 31, 2025, Walmart reported a net income increase of 34.2% year-over-year [2]. This profitability is increasingly driven by its advertising and e-commerce divisions, which posted year-over-year growth rates of 53% and 27%, respectively [2]. While groceries still account for more than half of total revenue, these burgeoning tech-reliant segments justify its placement in an index heavily weighted toward innovation [2].
Strategic Shifts and Index Mechanics
Walmart’s integration into the broader modern economy is further evidenced by its logistics partnerships, including agreements with Novo Nordisk to distribute weight-loss medications [3]. To accommodate Walmart’s entry, AstraZeneca PLC (AZN) will be removed from the Nasdaq-100 Index and several related indices, such as the Nasdaq-100 ESG Index and the Nasdaq-100 Low Volatility Index, effective prior to the market open on January 20, 2026 [1][4]. Investors should note the specific timeline for this transition: U.S. markets will be closed on Monday, January 19, 2026, for Martin Luther King, Jr. Day, meaning the rebalancing will be reflected immediately when trading resumes the following morning [1][4].