Super Micro slides 8% after stock is dropped from Nasdaq 100 [Video]

Super Micro Computer joined the Nasdaq 100 in July. Five months later, it’s out, and the stock is down 8% on the news.

Nasdaq said late Friday that Super Micro is being removed from the index, which is made up of the top 100 nonfinancial stocks on the Nasdaq and is the basis for the Invesco QQQ Trust exchange-traded fund, one of the most actively traded ETFs.

The announcement is the latest in a roller coaster of a year for Super Micro, whose shares rocketed to a record high of $118.81 in March, as demand soared for the company’s servers packed with artificial intelligence processors. The company’s market cap reached over $70 billion, high enough to merit inclusion in the S&P 500.

Super Micro is now worth about $20 billion, about a quarter the size of the median market cap of companies in the Nasdaq 100. Nasdaq will also remove Illumina and Modernafrom the group, …