SP 500 Adds Four Companies in Quarterly Index Rebalance

S&P Global has announced changes to the composition of the S&P 500 index as part of its quarterly review, adding four new companies and removing an equal number of existing constituents.

Effective before market open on Monday, March 23, the index will welcome Vertiv Holdings, Lumentum Holdings, Coherent Corp., and EchoStar Corporation. They will replace Match Group, Molina Healthcare, Lamb Weston Holdings, and Paycom Software.

The quarterly rebalancing process ensures the index reflects the largest and most representative U.S. publicly traded companies based on market capitalization, profitability, liquidity, and sector balance.

Following the March 6 announcement, shares of all four incoming companies rose an average of 8% as investors anticipated buying from passive funds and exchange-traded funds that track the benchmark.

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AI Infrastructure Dominates Additions

Three of the four new entrants supply critical infrastructure for artificial intelligence data centers and high-performance computing, reflecting what S&P Global describes as a structural market shift driven by sustained AI investment.

• Vertiv Holdings specializes in power management, thermal management, and modular systems for high-density data centers. The company reported a 252% year-over-year increase in organic orders during the fourth quarter of 2025, pushing its backlog to $15 billion—a 109% rise from the previous year. The company projects organic sales growth of 27% to 29% for full-year 2026.
• Lumentum Holdings develops advanced optical components, lasers, and transceivers for high-speed data transmission. In early March, Nvidia announced a multi-year strategic partnership with Lumentum that includes a $2 billion investment to expand capacity, advance U.S.-based manufacturing, and deepen research collaborations.
• Coherent Corp. focuses on photonics and laser technologies, including silicon photonics for large-scale AI computing clusters. The company disclosed a parallel strategic partnership with Nvidia, also including a $2 billion investment and multibillion-dollar purchase commitments for advanced optics.

Communications Sector Representation

The fourth addition, EchoStar Corporation, delivers satellite communications, video entertainment, and broadband services through its DISH network operations. While not directly tied to AI infrastructure, its inclusion provides dedicated exposure to the communications sector and balances the technology-heavy focus of this quarter’s changes.

The company has delivered triple-digit gains over the past year, reflecting resilience in the telecommunications space amid broader industry shifts.

The index changes will take effect prior to the opening bell on Monday, March 23.

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