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A Big Win for AppLovin and Robinhood

AppLovin and Robinhood Markets are officially set to join the S&P 500 index, a milestone that cements their growing influence on Wall Street. S&P Global announced on Friday that the changes will take effect before markets open on September 22. Following the news, shares of both companies surged around 7% in after-hours trading.

AppLovin will replace MarketAxess Holdings, a fixed-income trading platform, while Robinhood will take the spot of Caesars Entertainment, the casino and hospitality giant. Both outgoing companies have struggled in 2025, with MarketAxess down 17% year-to-date and Caesars falling 21%.

The Significance of S&P 500 Inclusion

For investors, entry into the S&P 500 is more than symbolic—it means automatic exposure in thousands of index funds and ETFs that track the benchmark. This usually leads to short-term buying pressure, as fund managers must adjust holdings to mirror the index’s composition.

Earlier this year, Datadog and DoorDash were also added, highlighting the S&P 500’s growing tilt toward technology and digital-first companies.

AppLovin: From Ad Tech to Industry Disruptor

AppLovin has been one of the most striking stories in the U.S. tech sector. Known for its advertising software that powers mobile apps and games, the company saw its stock price skyrocket 278% in 2023 and over 700% in 2024, though gains have cooled to 51% in 2025 so far.

In 2024, AppLovin even made headlines by offering to buy TikTok’s U.S. operations from ByteDance, underscoring its ambitions beyond advertising. Although the deal has not materialized, the company’s bold move showed how it aims to play on a global stage.

Robinhood: Retail Traders’ Gateway to Wall Street

Robinhood has become synonymous with retail investing in the U.S., particularly during the meme-stock craze of 2021, when investors flocked to stocks like AMC Entertainment and GameStop. Since its Nasdaq debut in 2021, the platform has grown into a cultural force that redefined access to markets.

At its annual meeting in June, CEO Vlad Tenev was asked about the company’s chances of joining the S&P 500. His response was cautious but optimistic: “It’s a difficult thing to plan for. I think it’s one of those things that hopefully happens.”

Now, that aspiration has become reality.

Looking Ahead

The addition of AppLovin and Robinhood highlights the S&P 500’s continued shift toward younger, disruptive firms that reflect the modern economy. Both companies, despite their volatility, represent areas of rapid growth: advertising technology and digital trading.

For AppLovin, inclusion could further boost its visibility with institutional investors, while for Robinhood, it marks a new stage of legitimacy in the eyes of Wall Street.

As September 22 approaches, fund managers and traders alike will be recalibrating portfolios to align with the changes—ensuring that both companies will see heightened activity and increased scrutiny in the weeks ahead.