Shopify is the most overweighted stock at Nasdaq-100 index

My “it does not make any sense” thesis on Shopify is entirely based on its market cap and positioning/weight on Nasdaq-100 index. Firstly, what is Shopify as a business? (~~E-commerce OS marketing slogan~~) I see it as nothing but e-commerce hosting solution. Sorry but there are so many good or ok alternatives on the market along with newer direct social media shopping. Secondly, there is no strong moat and stickiness. Most of their SMB clients are out of business based on surviving rule of smb. There is also a big evidence of migration out of it, some go to amazon for fulfillment, some go direct to meta and TikTok Third, is bigger than Everest - valuation. 15x sales? 100+ p/e while crm, servicenow and adobe at full fair repricing while having big moat and huge enterprise client base. ok now, I wanna ask Nasdaq inc. - why this company has its high rank on index board. IMO they should sit between Paycheckx (sticky business btw) and Verisk (super important data provider for insurance) Shopify is a Canadian Company dual listed on TSX and Nasdaq. I consider it as invasion with a goal to prop up stock on highly liquid and big volume Nasdaqinsurance) Shopify is a Canadian Company dual listed on TSX and Nasdaq. I consider it as invasion with a goal to prop up stock on highly liquid and big volume Nasdaq