Tech Stocks AppLovin, Robinhood Join S&P 500. Image: Crypto news
Shares of AppLovin and Robinhood jumped on Friday after S&P Global announced their entry into the S&P 500. Both companies will officially join the index before markets open on September 22.
A Big Win for Two 2021 Debuts
AppLovin, the mobile ad technology firm, and Robinhood, the commission-free trading platform, both went public in 2021. Their journey to the S&P 500 adds fresh energy to the index, which already carries heavy exposure to technology players.
AppLovin will replace MarketAxess Holdings, while Robinhood steps in for Caesars Entertainment. This reshuffling reflects the shifting dominance of digital-first companies over more traditional industries.
Stock Surge on the News
Investors reacted quickly. Shares of both companies rose about 7% in after-hours trading on Friday. Such rallies are common when firms are added to major indexes. Fund managers often rush to buy shares, ensuring their portfolios match the updated index composition.
A Mixed History with the Index
This isn’t the first time AppLovin and Robinhood’s names came up in S&P 500 discussions.
- In March, short-seller Fuzzy Panda Research urged the index committee to block AppLovin’s inclusion.
- AppLovin’s stock dropped 15% last December when Workday was chosen instead.
- Robinhood slipped 2% in June after being left out during a quarterly rebalancing.
This time, both companies finally earned a place.
AppLovin’s Meteoric Growth
AppLovin has been a standout performer in recent years. Its stock soared 278% in 2023 and more than 700% in 2024. The pace has slowed in 2025, with gains at 51% so far, but it remains a high-growth name.
The company’s technology powers targeted ads across mobile apps and games. Earlier this year, it even offered to buy TikTok’s U.S. business from ByteDance. While the deal remains uncertain, the move underlined AppLovin’s big ambitions.
Robinhood’s Retail Investor Appeal
Robinhood, meanwhile, has remained a favorite among retail traders. The platform became famous during the “meme stock” frenzy that saw AMC Entertainment and GameStop soar. Its commission-free trading model continues to attract younger investors.
At the company’s annual meeting in June, a shareholder asked CEO Vlad Tenev if inclusion in the S&P 500 was on the horizon. Tenev admitted it wasn’t something the company could plan for but said he believed Robinhood was eligible. That hope is now reality.
The Losers in the Shuffle
While AppLovin and Robinhood celebrate, two other companies are being pushed out. MarketAxess, a fixed-income trading specialist, has seen its shares fall 17% this year. Caesars Entertainment, best known for its hotels and casinos, is down 21% year to date.
A Changing Index
The S&P 500 has increasingly tilted toward tech and digital-first firms. Datadog and DoorDash joined the index earlier this year, continuing the trend. The addition of AppLovin and Robinhood further cements that shift.
For investors, the message is clear: innovation-heavy companies are reshaping the market’s biggest benchmark.
