Nasdaq-100 Top 10 Holdings and Weights: Nvidia Is Not 14%

Why concentration matters if you trade NQ

Every point NQ moves is a weighted sum of the moves of 100 companies. When ten of them carry almost half the weight, the index is, in large part, a basket of ten stocks. Their earnings dates, their news and how they move together drive a big chunk of how the index behaves.

Quick example: with Nvidia at 8.36%, a 5% move in Nvidia alone moves the index by about 0.42%, everything else equal. On a day when the top five move together, they can carry the index by themselves.

The top 10 on September 30, 2026

These numbers come from Nasdaq's official Nasdaq-100 fact sheet, with data as of September 30, 2026:

• Nvidia8.36%
• Apple7.38%
• Microsoft5.78%
• Micron5.04%
• AMD4.19%
• Amazon4.08%
• Meta3.27%
• Alphabet (class A)3.07%
• Alphabet (class C)2.86%
• Tesla2.83%
• Top 10 total46.86%

Exact values from table 2 in this article. Bar lengths share a zero baseline; no new calculation or simulated price path. Read the table and its stated sample and limits in this article.

Three things worth noticing:

1. Alphabet shows up twice. Its two share classes are listed separately. Combined, they weigh 5.93%, which would make Alphabet the third-biggest company in the index.
2. Chips are front and center. Nvidia, Micron and AMD together weigh 17.59%, more than a third of the top 10. We look at what that means in a separate article on semiconductors.
3. The top is flatter than it used to be. No company is above 9%. In July 2023, two were above 12%.

The number people get wrong

Search "Nvidia weight in the Nasdaq-100" and you'll find very different answers. In Nvidia dominiert die Nasdaq: Warum ein einzelner Wert den Index bewegt, published on stock3 on February 27, 2026, Marcus Klebe put it at about 14%. The quarterly holdings of the main tracking fund, as compiled by ChartRow from the fund's regulatory filings, showed 8.7% in March 2026 and 7.6% in June 2026. The official fact sheet showed 8.36% on September 30, 2026.

Gaps like that usually come from one of three mix-ups:

• Market cap versus index weight. A company's share of the combined market value of the 100 members isn't its weight in the index. The index applies caps.
• A different index. Weights in the S&P 500, a sector index or a fund aren't Nasdaq-100 weights.
• An old date. Weights change every day with prices and get reset at each rebalance.

For any number that matters to your analysis, go to the official fact sheet or the index provider's site and write down the date.

The rules that cap the giants

The Nasdaq-100 is a modified market-cap-weighted index. Bigger companies weigh more, but within limits.

Under the index rules, as ETF Stream reported in July 2023 (Nasdaq 100 plans special rebalance to curb tech giant concentration), Nasdaq can do a special rebalance in two cases:

• the weight of the biggest company goes over 24%; or
• the combined weight of all companies individually above 4.5% goes over 48%.

When that happens, the combined weight of those big companies gets cut so it doesn't go over 40%.

The July 2023 special rebalance

In July 2023, the second condition was met. As of July 11, ETF Stream listed:

That was over the 48% limit. Nasdaq announced the special rebalance on July 7, and it took effect before the open on July 24, 2023, as CNBC reported at the time. It cut those companies' combined weight to no more than 40% and spread the difference across the rest of the index.

For traders, the episode showed two things. First, the rules aren't just theory: they get applied. Second, the index you trade can change its makeup without any company joining or leaving it.

Where the trigger stood as of September 30, 2026

Using the September 30, 2026 fact sheet, four names were individually above 4.5%: Nvidia, Apple, Microsoft and Micron. Their combined weight was 26.56%, well below the 48% trigger. With the September 30, 2026 weights, a special rebalance would have required very big moves in the biggest names.

That's our own calculation from the published weights, not a statement from Nasdaq. The index provider applies the rules on its own data.

Concentration and the S&P 500

The same giants also sit at the top of the S&P 500, with smaller weights since that index has 500 members. That overlap is one reason the two indexes got so tightly correlated after 2008, as we show in our Nasdaq vs S&P 500 analysis. When a handful of stocks drives both, NQ and ES tend to move in step.

What this means if you trade NQ

• Know the top 10's calendar. The earnings dates of the ten biggest members are some of the most important events for NQ. They're published well ahead of time.
• Watch the leaders before the open. Pre-market moves in the biggest names often set the tone for the index. A big move in one of them tells you something about the open.
• Use official numbers. If your analysis depends on a weight, take it from the fact sheet with its date. Numbers in commentary are often way off.
• Expect rule-driven flows. Quarterly and annual rebalances, and rare special ones, change weights and can create big trades at the close on the effective date.

How to check it yourself

1. Download the latest Nasdaq-100 fact sheet from the index provider.
2. Write down the top 10 weights and their date.
3. Add up the weights of all companies above 4.5% and compare the total with 48%.
4. Do it again each quarter to see how concentration changes.

Limits

• One snapshot. Weights change daily. The numbers above describe September 30, 2026.
• Secondary source for the rules. We describe the special rebalance rules as reported by ETF Stream. The index methodology document is the official text and may have been updated.
• No sector breakdown. This article focuses on the top 10. The index provider publishes sector weights separately.

How we did it

• Top 10 weights taken directly from the official fact sheet, data as of September 30, 2026.
• Combined weights, the 4.5% test and the Nvidia example are our own calculations from the published numbers.

Sources

• Nasdaq. (2026, September 30). Nasdaq-100 Index (NDX) fact sheet. indexes.nasdaqomx.com. Accessed October 12, 2026.
• ETF Stream. (2023, July). Nasdaq 100 plans special rebalance to curb tech giant concentration [no byline]. etfstream.com. Accessed October 12, 2026.
• CNBC. (2023, July 11). Nasdaq 100 index to undergo special rejiggering because a few tech stocks have gotten too big. cnbc.com. Accessed October 12, 2026.
• Klebe, M. (2026, February 27). Nvidia dominiert die Nasdaq: Warum ein einzelner Wert den Index bewegt. stock3. stock3.com. Accessed October 12, 2026.
• ChartRow. (n.d.). Nasdaq-100 Concentration (2026) [no byline; compiled from the tracking fund's N-PORT filings]. chartrow.com. Accessed October 12, 2026.

FAQ

What percentage of the Nasdaq-100 are the top 10 companies? 46.86% on September 30, 2026, according to the official fact sheet.

What's Nvidia's weight in the Nasdaq-100? 8.36% on September 30, 2026. The numbers around 14% you see in commentary don't match the official index weight.

Why is Nvidia's weight lower than its market cap share? The Nasdaq-100 is a modified market-cap index. Its rules cap the biggest members, so weights can differ from raw market value shares.

What was the Nasdaq-100 special rebalance? In July 2023, companies individually above 4.5% weighed 51.2% combined, over the 48% limit. Their combined weight was cut to no more than 40%, effective July 24, 2023.

Could another special rebalance happen? The trigger is a 24% single weight or 48% combined for names above 4.5%. On September 30, 2026, that combined number was 26.56%.

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Research and education only. Not financial advice.

How this article was made: drafted with AI assistance from the sources listed above; facts and figures checked by Gabriel Décarie and Karel Panneton.