# Nasdaq vs NYSE: Where Tech Companies List and Why It Matters

Most of the world's largest technology companies are listed in New York, on either Nasdaq or the New York Stock Exchange. Apple, Microsoft, Nvidia, Alphabet, Amazon and Meta are on Nasdaq; Oracle, Salesforce, IBM and Snowflake are on the NYSE. The choice looks important, but for investors much of it comes down to history, image and one specific index rather than how you buy the shares.

## What the two exchanges have in common

Nasdaq and the NYSE work under the same rules in almost every way that affects an investor:

- Both trade from 09:30 to 16:00 New York time, Monday to Friday, and close on the same holidays.
- Both are regulated by the US Securities and Exchange Commission (SEC).
- Since 28 May 2024, trades on both settle one business day after the trade date (T+1).
- The same market-wide circuit breakers apply: trading pauses when the S&P 500 falls 7% or 13% in a day and stops for the day at 20%.

A less obvious point: a US share does not only trade on the exchange where it is listed. US stock trading is spread over many exchanges and off-exchange venues, and brokers must execute orders at the best available price across them. A Nasdaq-listed share can be bought on an NYSE venue and the other way round. The price you get depends on the market and your broker, not on the listing venue.

## History and image

Nasdaq started in 1971 as the world's first electronic stock market, without a trading floor. That made it a natural home for young technology companies: Apple listed there in 1980 and Microsoft in 1986, and many of their successors followed.

The NYSE dates back to 1792 and is still known for its trading floor on Wall Street, where designated market makers help run the opening and closing auctions of the stocks they are responsible for. Today both exchanges handle nearly all trading electronically, and both compete hard for new technology listings.

## Listing tiers

Each exchange has more than one market, with different requirements for profits, revenue, market value, number of shareholders and governance:

| Exchange | Tier | Typical companies |
|---|---|---|
| Nasdaq | Global Select Market | Large companies; strictest standards |
| Nasdaq | Global Market | Mid-sized companies |
| Nasdaq | Capital Market | Smaller and early-stage companies |
| NYSE | NYSE | Large, established companies |
| NYSE | NYSE American | Smaller and growing companies |

A company that grows can move to a higher tier. For investors, a lower tier usually means a smaller company with fewer shares in public hands, so prices can move more and spreads can be wider.

## Index membership: the difference that matters

The Nasdaq-100 index only includes companies listed on Nasdaq: the 100 largest non-financial ones. Funds that track it can only hold Nasdaq-listed shares. That makes the listing venue relevant for any company that wants to be included in those funds.

Palantir is a clear example. It listed on the NYSE in 2020, moved its listing to Nasdaq in November 2024 and was added to the Nasdaq-100 the following month.

The S&P 500 and the Dow Jones Industrial Average include companies from both exchanges, so for those indices the listing venue makes no difference.

## Companies can switch

Switching is not unusual. Oracle moved from Nasdaq to the NYSE in 2013; Palantir moved the other way in 2024. For shareholders a switch is mostly invisible: you keep the same shares, the ticker usually stays the same and your broker handles the change automatically.

## What this means for you

| Question | Short answer |
|---|---|
| Can I buy shares listed on either exchange with any US broker? | Yes. |
| Are trading costs different? | Costs depend on your broker, not on the listing venue. |
| Are the trading hours different? | No. Extended-hours trading depends on what your broker offers. |
| Does the venue matter for index funds? | Yes for Nasdaq-100 trackers; no for S&P 500 trackers. |

## Before you buy a newly listed tech stock

1. Read the prospectus. US companies file a Form S-1 and foreign companies a Form F-1 with the SEC; our [market updates](/updates/) list new filings from technology companies.
2. Check which tier the company lists on and how many shares are actually available to trade.
3. Look for the lock-up period, often around 180 days, after which early shareholders may sell.
4. Expect sharp price moves in the first days of trading, in both directions.

Compare the two exchanges in detail on our [NYSE vs Nasdaq page](/compare/nyse-vs-nasdaq/), or see the [NYSE](/exchanges/nyse/) and [Nasdaq](/exchanges/nasdaq/) profiles.

## Sources

- [U.S. Securities and Exchange Commission](https://www.sec.gov/)
- [Nasdaq](https://www.nasdaq.com/)
- [NYSE](https://www.nyse.com/)