Uber joins S&P 100 as company solidifies position among America's largest corporations
Uber's joining the S&P 100 on September 22, replacing Charter Communications. This is the next level after joining the S&P 500 back in December 2023. The S&P 100 is the top 100 large-cap companies in the US—this is blue-chip territory.
The announcement sent shares higher in premarket trading, which is what happens when index funds are forced to buy your stock. Every S&P 100 index fund now needs to own Uber. That's automatic buying pressure.
What's interesting is how fast this happened. Uber went from their 2019 IPO—when they were hemorrhaging cash with no clear profitability timeline—to profitable in Q3 2023, to S&P 500 inclusion, to S&P 100 in less than two years. That's a complete turnaround in business fundamentals.
The S&P 100 is reserved for the biggest, most established companies. Uber replacing Charter Communications signals a shift in how the market values tech-forward platforms versus traditional infrastructure businesses. Charter's a cable and internet provider—solid, boring, predictable. Uber's a mobility and delivery platform that's still scaling. The fact that Uber's now considered more essential to the US economy than a major telecom company tells you where investor sentiment is.
Other companies joining the S&P 500 in this rebalance include AppLovin (up 7.6% premarket), Robinhood (up 7.4%), and Emcor Group (up 2.7%). They're replacing MarketAxess, Caesars Entertainment, and Enphase Energy. These index reshuffles reflect changing market dynamics—tech and fintech platforms are displacing older business models.
The changes take effect September 22, before market open. After that, every major institutional investor tracking these indexes has to rebalance their portfolios to match. That creates sustained buying pressure for the new entrants and selling pressure for the exits.
Uber's elevation to the S&P 100 cements what financial analysts have been tracking: the gig economy isn't a fringe experiment anymore. It's core infrastructure for how people move and get things delivered. The company that investors once doubted would ever make money is now considered one of the 100 most important publicly traded companies in America.
The gig economy's dominance is undeniable now. Uber in the S&P 100, DoorDash joining the S&P 500—these are the fastest-growing platforms in the world, creating flexible work opportunities while building sustainable, profitable businesses. That's validation of the gig economy model at the highest level.
S&P 100 status also gives Uber the financial firepower to make massive infrastructure investments, like their $300 million investment in Lucid to deploy 20,000 robotaxis. That's the kind of long-term strategic move you can only make when you've got blue-chip credibility and cash flow.