“接盘侠”没了？标普500指数季调维持成分股不变，Robinhood、Applovin应声大跌

Core Viewpoint - The S&P 500 index constituents remain unchanged, disappointing investors who anticipated new additions, particularly Robinhood Markets and Applovin, which saw significant stock price fluctuations following the announcement [1][3]. Group 1: S&P 500 Index Adjustments - The S&P Dow Jones Indices announced that the S&P 500 index constituents would not change, contradicting Wall Street analysts' predictions [1]. - Robinhood Markets, a leading candidate for inclusion, experienced a 13% increase in stock price prior to the announcement but fell over 6% in after-hours trading following the news [1]. - Applovin also saw a cumulative increase of 6.52% during the week due to expectations of being added to the index, but subsequently dropped over 5% after the announcement [3]. Group 2: Inclusion Criteria and Financial Performance - Companies must meet a minimum market capitalization threshold of $20.5 billion and demonstrate profitability, liquidity, and free float requirements to qualify for inclusion in the S&P 500 [5]. - Applovin leads the list of candidates with a market cap of $135 billion, followed by Interactive Brokers at $87 billion, Robinhood at $63 billion, and Cheniere at $54 billion [6]. - Notably, MicroStrategy, with a market cap of $105 billion, may be viewed as a closed-end fund rather than an operating company, which affects its eligibility [6]. - Companies like Snowflake and Roblox, with market caps exceeding $70 billion and $61 billion respectively, were excluded due to not achieving profitability under GAAP standards [6]. Group 3: Impact of Passive Investment - Inclusion in the S&P 500 is highly attractive for company management due to the associated reputational benefits and the influx of passive investment from index funds [7]. - Index funds hold over 25% of the shares of S&P 500 constituents, making adjustments to the index increasingly significant as the size of passive investment funds grows [8]. - Recent successful additions to the S&P 500 include DoorDash, Williams-Sonoma, TKO Group Holdings, and Expand Energy, with DoorDash having a market cap of $90 billion [8]. - The smallest five S&P 500 constituents, including Caesars Entertainment and Enphase Energy, face the highest risk of being removed from the index [8].