SpaceX officially joins the Nasdaq-100 Tuesday, July 7. Index funds like QQQ are forced to buy billions in shares to match the index. JPMorgan estimates around $4.3 billion in passive inflows hitting at Monday’s close. The twist? Even at a ~$2.1T valuation, only ~4-5% of shares are in the public float. Because of Nasdaq’s free-float rules, SpaceX gets weighted as if it’s roughly a $300B company, entering the index with just ~1% weight. Real forced buying into a tiny float or mostly overhyped?(Lark Davis)