SanDisk is set to enter the S&P 500 Index, replacing Interpublic Group, according to S&P Dow Jones Indices. The change will take effect on November 28, 2025, before the market opens.
SanDisk will move up from the S&P SmallCap 600 after a sharp rise in its share price. The stock has gained 515% in the past three months, boosting the company’s market value enough to qualify for the large-cap index. The stock has since fallen nearly 30% from its recent peak.
Interpublic Group will shift to the S&P MidCap 400. Index reshuffles often create short-term volatility because index-tracking funds must adjust their portfolios.
The update also means MicroStrategy—now rebranded as Strategy—misses the S&P 500 again. The company qualified earlier this year but was passed over during the September rebalance. Analysts say its heavy exposure to Bitcoin may have raised concerns for the index committee. Strategy’s stock fell nearly 5% after the September decision.
SanDisk has benefited from strong demand for memory and storage chips from major tech companies. Following the announcement, SanDisk shares rose more than 9% in after-hours trading.
Other index changes include Upwork, First Interstate BancSystem, and PTC Therapeutics joining the S&P SmallCap 600.
