General Motors has announced that it is delisting from the New York Stock Exchange and listing on Nasdaq, and Anthropic is preparing to debut on the same stock market in a few weeks. Two pieces of news threaten a company that has nothing to do with cars or AI: Ferrovial.
The construction company entered the Nasdaq 100 in December 2025 and may be excluded from this December review, as indicated. expansion.
which happened. GM rose as much as 7% at the open yesterday after confirming the changes, which will take effect on November 16. Thus, 115 years on the NYSE come to an end, the only break being the bankruptcy of 2009.
Nasdaq has become the default destination for large IPOs. SpaceX debuted there in June, and Claude’s company has already registered its 94-page prospectus. Ferrovial picked it up for its US debut.
Why is it important?. To be included in the index, Ferrovial must be among the 125 largest non-financial companies on Nasdaq by market capitalization. Today it enters there with about 36,000 million euros, but not much margin left.
Each monster that reaches the top pushes everyone else down one place. And recently we’ve seen quite a few:
money trail. The Invesco QQQ fund alone, which tracks the Nasdaq 100, manages nearly half a billion dollars. If Ferrovial leaves the index, that fund and those copying it will sell their shares on the same day, regardless of price.
That doesn’t mean his business will necessarily remain intact: He’s now working on tolls on a highway in Toronto, a highway in Texas or a section of I-24, the financing of which he clarified yesterday and gave him a rebound in the stock market. What you lose is an automatic buyer and your place in a nice showcase, which American investors see the most.
between the lines. Ferrovial moved its headquarters to the Netherlands in 2023 and confronted the government, arguing that it needed access to American capital. The Nasdaq 100 is the most visible evidence that the play was working.
Abandoning the index after a year would be ammunition for those who criticized the move. And it clarifies what was already clear: on IBEX, 36,000 million allows you to be in a privileged position, behind only banks and energy companies. At Nasdaq, however, they allow you to fight for the last seat with companies that rent GPUs.
and what now. There are two dates:
- Nov. 16, when GM began listing on the Nasdaq.
- And the annual review in December.
It remains to be seen whether Anthropic will quote when entering the calculation. According to The Wall Street Journal Same day as GM will do it.
None of which Ferrovial can control. Only its price, which has lost 11% since entering the index. A company that collects tolls in Texas now depends on how much Wall Street is willing to pay for a chatbot.
Featured Image | ferrovial
In Xataka | Microsoft has opened a massive voluntary exit plan for about 27% of its workforce, about 60,000 employees.
