A Nasdaq-100 index membership means mutual funds, exchange-traded funds (ETFs), and other financial products based on this index will have to buy shares of Palantir. This increased demand should exert at least some upward pressure on the stock price.

Palantir Technologies, MicroStrategy, and Axon Enterprises will join the Nasdaq 100 index as part of its annual reconstitution, replacing Moderna, Super Micro Computer, and Illumina. These changes had been expected because the reconstitution adds companies with the highest markets values in the Nasdaq Composite index that aren’t in the Nasdaq 100

Super Micro Computer (NASDAQ: SMCI) has been one of the most polarizing stocks to own this year. It started out as a hot artificial intelligence (AI) company with mammoth potential, but it has recently become a risky investment with questionable and potentially inflated numbers due to poor accounting controls and procedures.

Crypto investors are watching whether MicroStrategy gets added to the Nasdaq-100 today, in what would be a milestone for the software company that has transformed itself into a bitcoin-buying machine.

The Nasdaq is due to announce any changes to the Nasdaq 100 index as part of its annual reconstitution at 8 p.m. ET Friday.

Palantir, bitcoin play MicroStrategy and Axon Enterprise will join the Nasdaq 100 index. Moderna, Super Micro and Illumina will exit.