Tech Disruption Claims a New Benchmark: AppLovin and Robinhood Enter the S&P 500

AppLovin Corp. (NASDAQ: APP) and Robinhood Markets Inc. (NASDAQ: HOOD) have been added to the S&P 500 index, effective Sept. 22, according to S&P Global. The addition comes amid a broader shift in the index’s composition, with AppLovin replacing MarketAxess Holdings Inc. and Robinhood taking the place of Caesars Entertainment. The decision reflects the growing influence of technology-driven platforms in the U.S. equity landscape [3].

Following the announcement, both stocks surged by approximately 7% in extended trading on Friday. Such price movements are typical for companies newly added to major indices like the S&P 500, as fund managers adjust their portfolios to match the updated benchmark [3]. AppLovin and Robinhood both debuted on the Nasdaq in 2021 and have since seen significant market performance. AppLovin’s shares, for instance, gained 278% in 2023 and over 700% in 2024 [3]. As of Friday’s close, the stock had risen 51% in 2025, indicating a more moderate pace of growth in the current year.

The inclusion of AppLovin and Robinhood in the S&P 500 is a testament to their increasing market capitalization and influence. AppLovin, a leader in mobile advertising technology, provides targeted ads to mobile apps and games. The company has also explored expansion opportunities, including an earlier offer to acquire the U.S. TikTok business from ByteDance. Meanwhile, Robinhood, a popular platform among retail investors, has been a key player in the meme stock movement and recently launched prediction markets for NFL and college football games, further diversifying its offerings [3].

The addition of AppLovin and Robinhood also marks the second time in a year that the company has been reviewed for index inclusion. In March 2025, short-seller Fuzzy Panda Research advised the S&P committee to exclude AppLovin from the index. The firm’s shares had previously fallen 15% in December 2024 when the index added Workday Inc. Robinhood, meanwhile, had been excluded from a quarterly rebalancing in June 2025, leading to a 2% drop in its stock price [3].

The S&P 500’s continued evolution highlights the sector’s shift toward technology and consumer-facing businesses. Earlier in 2025, the index added Datadog Inc. and DoorDash Inc., further consolidating the dominance of large tech firms. With AppLovin and Robinhood now part of the index, the benchmark will reflect the growing role of digital platforms and fintech innovation in the U.S. economy [3].

Source:

[1] Why AppLovin Stock Bumped Higher Today - Yahoo Finance (https://finance.yahoo.com/news/why-applovin-stock-bumped-higher-211556194.html)

[2] AppLovin Corp. - Investor Relations (https://investors.applovin.com/overview/default.aspx)

[3] AppLovin and Robinhood added to S&P 500 (https://www.cnbc.com/2025/09/05/applovin-robinhood-sp-500.html)

[4] Robinhood Markets: HOOD Stock Price Quote & News (https://robinhood.com/us/en/stocks/HOOD/)

[5] Robinhood finally gets a place in the S&P 500. These other (https://www.marketwatch.com/story/s-p-500-changes-are-due-out-soon-and-this-could-be-a-big-update-7dfb8e8b)