How AI Changed Investing In One Chart -- Axios: Sandisk Replaces Atlassian On The NASDAQ 100 -- Monday, April 13, 2026

How AI changed tech stocks, in 1 chart

Data: Financial Modeling Prep; Chart: Emily Peck/Axios Memory chipmaker Sandisk is replacing workplace software maker Atlassian on the Nasdaq 100 index, Nasdaq announced late Friday. Why it matters: The small move is a big symbol of what has happened this year as the tech industry adapts to the AI boom. Zoom in: Software companies are getting crushed by the competition in the SaaS-pocalypse, while hardware makers are thriving. Sandisk makes flash memory storage chips that are essential to data centers. The company spun off last year from Western Digital and has been on a tear ever since — rising to $851.77 from $36 in February 2025, when it made its market debut. The bottom line: AI has made software uncool and hardware the belle of the ball.