Nasdaq Stock Exchange Index: What Is the Nasdaq 100 and Which Stocks Are in It?

When people talk about 'the Nasdaq', they usually mean one of two things: the Nasdaq Stock Market itself (the exchange where stocks trade) or the Nasdaq 100 index (the benchmark that tracks its 100 biggest non-financial residents). Both matter, but they're not the same thing, and the distinction is worth getting right before you make any decisions based on either one.

This guide covers how the Nasdaq stock exchange index works, what's inside the Nasdaq 100, which companies sit at the top, how many stocks are actually listed, and whether the index beats the S&P 500 over time. It also answers the ten most common questions Australians and international investors ask about the Nasdaq every month.

What Is the Nasdaq Stock Exchange Index?

The Nasdaq (National Association of Securities Dealers Automated Quotations) launched in 1971 as the world's first fully electronic stock exchange. Today it hosts approximately 4,000 total listings with a combined market value that routinely exceeds $20 trillion, making it the second-largest exchange by market cap in the world after the NYSE.

Unlike the NYSE, which has a physical trading floor, Nasdaq operates as a dealer market - stocks are quoted electronically through a network of market makers. That structure made it the natural home for technology companies from the 1980s onwards, and the exchange's reputation for innovation has stuck.

There are two main Nasdaq indexes investors track:

•       Nasdaq Composite: Covers ~3,350 stocks listed on the exchange - essentially everything. It's market-cap weighted, so the top 10 names drive more than 50% of its movement.

•       Nasdaq 100 (NDX): The 100 largest non-financial companies listed on Nasdaq. This is the version most ETFs track, including the widely held Invesco QQQ (ticker: QQQ). The Nasdaq 100 accounts for over 90% of the Composite's total weight.

What Stocks Come Under the Nasdaq?

Any publicly listed company that meets Nasdaq's listing standards can trade on the exchange. That covers a surprisingly wide range of sectors: technology is the dominant force, but the Nasdaq Composite also includes biotech and healthcare names (Moderna, Regeneron), consumer companies (Starbucks, Costco), industrials, and a significant number of international firms listed via American Depositary Receipts (ADRs).

As of May 2026, the Nasdaq Composite Index contains 3,350 distinct stocks. The total number of securities on the exchange is higher - around 4,000 - because some companies have multiple share classes (Alphabet has GOOGL and GOOG; Berkshire Hathaway equivalent structures appear elsewhere too).

The Nasdaq 100, specifically, excludes financial companies. That means no banks, no insurance companies, no investment firms - by design. The index was built to reflect the technology and innovation economy, so JPMorgan and Goldman Sachs don't appear even though they are enormous. That single exclusion explains a lot about why the Nasdaq 100 behaves differently to the S&P 500.

Sector breakdown of the Nasdaq 100 as of Q1 2026:

Source: Nasdaq Global Indexes. Data as at Q1 2026.

How Many Stocks Are Listed on the Nasdaq?

The Nasdaq exchange hosts approximately 4,000 total listings as of June 2026, according to Nasdaq's own market data. Of those, around 3,350 are the distinct common stocks that make up the Nasdaq Composite Index - the difference comes from ETFs, preferred shares, and other security types that trade on the exchange but don't count as individual company listings in the index sense.

For context, the NYSE lists roughly 6,400 securities - so Nasdaq carries fewer listings but punches above its weight in terms of total market value, because the world's most valuable technology companies call it home. As Nasdaq itself notes on its homepage, eight of the world's ten largest public companies are listed there.

The Nasdaq 100, the sub-index most investors actually trade via QQQ, holds exactly 100 companies - but 101 ticker symbols, because Alphabet Inc. has two share classes (GOOGL and GOOG) both included. Walmart replaced AstraZeneca in the Nasdaq 100 effective January 20, 2026, in the index's most recent rebalancing.

What Are the Top 5 Nasdaq Stocks?

Ranked by index weight in the Nasdaq 100 as of June 9, 2026 (source: Slick Charts):

Source: Slick Charts. Data as at June 9, 2026.

These five names alone account for roughly 45% of the entire Nasdaq 100 index. That concentration is a feature for investors who want focused exposure to the biggest growth companies in the world - and a risk factor for those who prefer diversification. A bad quarter from Nvidia or Apple moves the whole index.

What Are the 10 Largest Nasdaq 100 Companies?

Extending the list beyond the top five, here are all 10 largest Nasdaq 100 constituents by index weight as of June 9, 2026:

Source: Slick Charts. Data as at June 9, 2026. Total market cap of all Nasdaq 100 components: ~$37.82 trillion.

Is Apple in the Nasdaq or the Dow?

Both. Apple (AAPL) is primarily a Nasdaq-listed stock - it has traded on the Nasdaq exchange since its IPO on April 1, 1980. Apple is the second-largest holding in the Nasdaq 100 at 11.38% weight, and it's in the Nasdaq Composite as well.

Additionally, Apple was added to the Dow Jones Industrial Average (DJIA) in March 2015, replacing AT&T. The Dow is a different index - it's price-weighted (not market-cap weighted) and covers just 30 large US companies across various sectors. Apple being in the Dow doesn't mean it moved exchanges; it simply means the index committee chose Apple as one of the 30 representative US companies to include.

So the short answer: Apple trades on Nasdaq. It also happens to be included in the Dow Jones Industrial Average as an index component. These are not contradictory - an index and an exchange are different things.

What Is the Best Nasdaq Stock to Buy?

There is no single correct answer - and anyone who gives you one without qualifying it should be treated with scepticism. That said, analyst consensus across professional research teams as at mid-2026 points to a handful of names that consistently appear on conviction buy lists.

Nvidia (NVDA) tops most lists. The company dominates the AI accelerator market, supplying the GPUs that power training and inference for virtually every major AI model. Wall Street analysts were projecting ~63% revenue growth for Nvidia's FY2026 (ending January 2026), and significant further growth into FY2027. At index weight of nearly 13%, it's already the single largest force in the Nasdaq 100.

Broadcom (AVGO) is a second name analysts flag consistently. Several AI hyperscalers - including Alphabet - have partnered with Broadcom to design custom AI accelerator chips, giving the company a revenue stream beyond standard semiconductor cycles.

For investors less comfortable with concentration risk, the Invesco QQQ ETF (which tracks the full Nasdaq 100) gives exposure to all 100 companies with a single trade. That won't outperform the index's best individual performers, but it avoids the downside of picking wrong.

Which Is Better: S&P 500 or Nasdaq?

Neither is objectively better - they're different tools for different objectives. But if raw historical return is the metric, the Nasdaq 100 wins by a wide margin.

From 2007 to 2025, the Nasdaq 100 delivered an average annual return of +17.1%, compared to +12.2% for the S&P 500. Over the same period on a cumulative total return basis (dividends reinvested), the Nasdaq 100 outperformed in 12 of 14 full calendar years. The notable exception was 2022, when a tech-sector selloff saw the Nasdaq 100 underperform the S&P 500 by 14.3 percentage points.

Sources: Chase Investment Analysis, Nasdaq Global Indexes. Returns are total return including dividends.

The S&P 500 carries broader sector diversification - it includes energy companies, banks, utilities, and industrials that the Nasdaq 100 excludes. In years when those sectors outperform, the S&P 500 catches up. For Australian investors accessing these indexes via ETFs (such as Vanguard's NDQ or equivalent), the S&P 500 is the lower-volatility, lower-beta choice; the Nasdaq 100 is the higher-growth, higher-risk option.

Frequently Asked Questions: Nasdaq Stock Exchange Index

Q: How many stocks are listed on the Nasdaq?

Roughly 4,000 total securities, with approximately 3,350 distinct common stocks included in the Nasdaq Composite Index. The Nasdaq 100 sub-index holds 100 companies (101 ticker symbols because Alphabet has two share classes: GOOGL and GOOG).

Q: Is Apple in the Nasdaq or the Dow?

Both. Apple has traded on the Nasdaq exchange since its 1980 IPO and is the second-largest constituent in the Nasdaq 100 at 11.38% weight. Apple was also added to the Dow Jones Industrial Average in 2015, but that's an index inclusion - it still trades on Nasdaq.

Q: What are the 10 largest Nasdaq 100 companies?

Nvidia, Apple, Microsoft, Amazon, Alphabet (x2 share classes), Broadcom, Tesla, Meta Platforms, and Micron Technology. Together these 10 names hold approximately 63% of the index's total weight. Walmart joined the Nasdaq 100 in January 2026 as the 11th-largest holding at ~2.45%.

Q: Which is better, S&P 500 or Nasdaq?

Depends on what you're optimising for. Over the period 2007–2025, the Nasdaq 100 returned an average of +17.1% annually versus +12.2% for the S&P 500. However, the Nasdaq 100 is more volatile (~23% annualised vs ~20% for the S&P 500) and far more concentrated in technology. The S&P 500 is broader across sectors and carries less single-sector risk. Long-term growth investors typically favour the Nasdaq 100; those wanting more stability lean toward the S&P 500.

Q: Can Australians invest in the Nasdaq 100?

Yes. Australian investors can access the Nasdaq 100 through ASX-listed ETFs (such as Beta shares NDQ or Vanguard's equivalent products) or directly via international brokers that provide access to US markets and QQQ. Currency risk applies - returns are denominated in USD and will fluctuate with the AUD/USD exchange rate.

Q: How is the Nasdaq 100 different from the Nasdaq Composite?

The Nasdaq Composite covers ~3,350 stocks - essentially everything listed on the exchange. The Nasdaq 100 is a filtered sub-index of just the 100 largest non-financial companies. The Nasdaq 100 accounts for over 90% of the Composite's total market cap weight, so the two indexes move in similar directions, but the Composite includes smaller and more speculative names.

Q: When was the Nasdaq 100 launched, and how has it performed?

The Nasdaq 100 launched in 1985. From inception through to mid-2026, it has delivered cumulative total returns that roughly double the S&P 500 over comparable periods. The index produced a standout +55% calendar year return in 2023 - its best single-year performance since 1999 - driven heavily by AI-related stock appreciation.

Q: Is the Nasdaq 100 a good long-term investment?

Historically, yes - with the caveat that concentration in technology makes it sensitive to rate hikes, regulatory risk, and sentiment shifts in the sector. Investors with a long horizon (10+ years) and tolerance for higher short-term volatility have historically been well-rewarded. Anyone investing via ETFs like QQQ should check their fund's management fees and understand the USD/AUD currency exposure.

Summary: What the Nasdaq 100 Stock Index Tells Us

The Nasdaq stock exchange index isn't one thing - it's a family. The exchange itself hosts ~4,000 listings across virtually every sector. The Nasdaq Composite captures ~3,350 of those as a broad benchmark. The Nasdaq 100 distils the exchange down to its 100 most powerful non-financial companies, currently holding ~$37.8 trillion in combined market cap.

The top 10 holdings - led by Nvidia at nearly 13% - account for around 63% of the index. That's a meaningful concentration, and it cuts both ways: it's why the Nasdaq 100 has beaten the S&P 500 so consistently, and why a bad year for AI or semiconductor stocks can hurt a lot more here than in a broader index.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. All figures are sourced from public filings, index providers, and financial data platforms as at the date of publication. Always consult a licensed financial adviser before making investment decisions.