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NASDAQ

Founded on February 8, 1971, NASDAQ was the world's first fully electronic stock exchange - a revolutionary departure from the specialist-floor model that had defined equity markets for two centuries. Today it lists over 3,300 companies and hosts some of the largest corporations in history by market capitalization.

Founded1971February 8 - world's first electronic exchange

Listed companies3,315WFE total listings, October 2024

Domestic market cap$28.19TWFE domestic market capitalization, October 2024

Faits clés

NASDAQ en un coup d'œil

Aperçu éditorial

Home to the world's largest concentration of technology, biotech, and high-growth companies. NASDAQ is the defining venue for innovation-driven equity investing.

2024 IPOs

180

Nasdaq said these IPOs raised about $23B in 2024

Operating-company IPOs

130

Operating-company listings led the 2024 Nasdaq IPO class

2024 transfers

Nasdaq said switches represented more than $180B in market value

Primary index

Nasdaq-100

Tracks 100 of the largest non-financial Nasdaq companies

Source : WFE Market Statistics, December 2024,

Where growth narratives meet market liquidity

Pourquoi ce marché compte

NASDAQ's character is defined by growth. The companies listed here are typically evaluated on product cycles, platform scale, network effects, and long-duration cash flow expectations rather than near-term earnings. This makes the exchange highly sensitive to interest rate moves - when discount rates rise, the present value of far-future cash flows compresses, and NASDAQ multiples tend to contract sharply. The exchange is also home to some of the largest companies in history by market capitalization - Apple, Microsoft, Nvidia, Amazon, Meta, and Alphabet all trade here - meaning a handful of names can drive index-level behavior regardless of what the broader market is doing. The NASDAQ Composite tracks all ~3,300 listings; the NASDAQ-100 filters to the 100 largest non-financial companies and is the index most closely watched by institutional investors. Understanding NASDAQ means understanding the tension between narrative and fundamentals: at its best, the exchange rewards genuine innovation with patient capital; at its worst, it amplifies speculation and mean-reverts violently.

Performance du marché

Repères de référence et de régime

Des repères rapides qui facilitent la comparaison de la cote actions d'un pays avec le régime macro qui l'entoure.

IPO proceeds

$23B

↑2024 total

Nasdaq said it led U.S. exchanges by IPO count and proceeds in 2024

Switch market value

$180B+

↑2024 transfers

Exchange switches are a useful signal of venue preference among issuers

Source : SIFMA 2025 Capital Markets Fact Book,

Ce qu'il faut surveiller

Grille de lecture

Duration Sensitivity

When valuation rests on cash flows projected far into the future, discount-rate changes have an outsized impact on price behavior. NASDAQ stocks tend to be the most rate-sensitive equities in the market.

Product & Platform Velocity

New product releases, ecosystem expansion, and R&D effectiveness often matter as much as current-period earnings. The next leg of narrative - not last quarter's results - drives multiple re-rating.

Mega-Cap Concentration

A small number of very large companies dominate both index weights and investor attention. Leadership breadth - how many names are participating in a rally - is a critical signal of market health.

Composition sectorielle

Ce qui se négocie ici

La répartition des poids de l'indice révèle le caractère de la place : quels secteurs dominent, lesquels sont sous-représentés et d'où viennent réellement les rendements.

Technology56.2%

Largest sector by far — includes Apple, Microsoft, Nvidia, and most AI infrastructure plays

AppleMicrosoftNvidiaBroadcomASML

Communication Services15.8%

Alphabet, Meta, Netflix — platforms with massive user bases and digital advertising exposure

AlphabetMetaNetflixT-MobileBaidu

Consumer Discretionary13.1%

Amazon and Tesla drive most of this weight; the sector is really a proxy for consumer platforms

AmazonTeslaBookingAirbnbDoorDash

Healthcare6.4%

Biotech and pharma dominate; smaller but high-volatility names with binary event risk

Intuitive SurgicalVertexRegeneronGilead

Industrials3.9%

Thinner presence than NYSE — mostly defense, clean energy, and advanced manufacturing

HoneywellVeriskMettler-ToledoFortive

Other4.6%

Financials, consumer staples, real estate, utilities, and materials — all underrepresented

KLA CorpPaychexCadenceSynopsys

Indices

Quoi suivre

Tous les indices ne se valent pas. Voici ce que chacun mesure réellement, et pourquoi la différence compte dans votre lecture du marché.

NASDAQ Composite

COMP

Tracks all ~3,300 companies listed on NASDAQ. The broadest measure of the exchange — includes small and micro-caps alongside the giants.

Components

~3,300

2024 return

+28.6%

Can diverge sharply from the NASDAQ-100 during small-cap stress. The Composite is more volatile and less liquid as a benchmark.

NASDAQ-100

NDX

The 100 largest non-financial companies on NASDAQ. This is what institutional investors and most ETFs actually track.

Components

100

Rebalance

Annual

Mega-cap concentration is extreme — Apple, Microsoft, Nvidia, Amazon, and Alphabet together account for roughly 40% of the index weight.

QQQ / QQQM

QQQ

The Invesco ETF tracking the NASDAQ-100. One of the most liquid instruments in the world, and the practical vehicle for most NASDAQ exposure.

AUM

~$300B

Expense ratio

0.20%

QQQM is the lower-cost share class for long-term investors; QQQ is preferred for active traders and options due to higher liquidity.

Caractère de la place

NASDAQ vs NYSE

Deux places, deux philosophies — visualisées selon six dimensions pour l'investisseur. Cliquez sur l'étiquette d'un axe pour comprendre ce qui fait la différence.

NASDAQaxée sur la croissance

NYSEaxée sur la valeur

Cliquez sur l'étiquette d'un axe pour voir les notes détaillées

Profil NASDAQVous êtes ici

Place électronique fondée en 1971. Elle abrite environ 3 300 sociétés, fortement pondérées vers la technologie et les services de communication. Forte innovation, forte volatilité, sensible aux taux.

Forte innovationSensible aux tauxFaibles dividendesForte vol.

Profil NYSE

Modèle hybride à la criée fondé en 1792. Elle abrite environ 2 200 sociétés dans la finance, l'industrie, l'énergie et la santé. Mature, riche en dividendes, diversifiée par nature.

Forte maturitéRiche en dividendesDiversifiéeVol. plus faible

Voyez la même analyse de l'autre côté sur la page NYSE →

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