In the United States, the financial world is dominated by several major indices. The S&P 500 is undoubtedly the most famous, bringing together the 500 largest American companies. However, the Nasdaq-100 is also crucial, tracking the 100 largest non-financial US companies.
Recently, Nasdaq announced the addition of three new companies to the Nasdaq-100, highlighting their incredible performance in 2024.
MicroStrategy Incorporated, Palantir Technologies and Axon Enterprise join the index. Their shares climbed 547%, 343% and 150% respectively.
These companies replace Super Micro Computer, Illumina and Moderna, which are leaving the index. This change will take effect on December 23, 2024. What about Bitcoin? If you own an ETF linked to the S&P 500 or Nasdaq-100 (after December 23, 2024), you'll indirectly have bitcoins.
In fact, MicroStrategy holds around 423,650 bitcoins, equivalent to around $43 billion. Currently, the Nasdaq-100 is trading at 47.9 times its 2023 earnings and 36.9 times its last 12 months' earnings. Historically, the Nasdaq has traded between 21 and 42 times earnings, which shows that we're at a high level.
The integration of these three companies, with their high valuations (MicroStrategy at 2.3 times NAV, Palantir at over 60 times sales and 366 times projected earnings), is a major step forward.2024, Axon Enterprise at 207 times 2025 projected earnings), further increases the index multiple, now close to 40 times.
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