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by SkiFire13 10 days ago
> which means 'retail' investors are going to have perhaps 5% of their portfolio in it

If I'm not reading it wrong though NASDAQ introduced a 3x multiplier for low-float stocks like SpaceX is most likely going to be (and maybe OpenAI and Anthropic too if they see that it works). A 15% exposure is then going to be pretty big.
1 comments
martinald 9 days ago
Don't think so - the 3x is a separate cap. It actually reduces it down from market cap.

Eg say spaceX has $50bn of float at $1.5T valuation. If there wasn't _any_ cap at all, the full $1.5T would be used as the market cap. With the (new) 3x cap, it means only $150bn of the $1.5T valuation is taken into account in the index weighting.

Before this change, SpaceX wouldn't clear the 10% requirement to be listed in QQQ at all. So the 3x basically allows them to be included but _does not_ increase their market cap from $1.5T to $4.5T.

Btw, for clarity, I'm not saying there isn't questionable behaviour going on here. My main point is that even if SpaceX, openai and anthropic all went to 0 (unlikely IMO), it's not going to have a material impact on people's retirements which is what OP was proposing.

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