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Exxon Mobil kicked off from S&P 500’s Top 10 list for the first time in 90 years
Texas-based oil giant Exxon Mobil Corp. has long been a mainstay in the S&P 500’s Top 10 list, but its tenure as one of Wall Street’s biggest companies is starting to show some cracks. As indicated by month-end company weightings recently published by the S&P Dow Jones Indices, Exxon has been kicked off the S&P 500’s Top 10 list, the first time since the index was conceived 90 years ago.
Visa Inc. has replaced Exxon Mobil as the 10th-largest member of the S&P 500 by weighting on August 1. Two weeks later, American multinational consumer goods corporation Procter & Gamble also overtook the Texas-based oil veteran. Exxon Mobil currently stands as the 12th largest company in the S&P 500, a far cry from its 1st-place ranking in 2009.
Tom Sanzillo, director of the Institute for Energy Economics and Financial Analysis, noted in a statement to Bloomberg that the oil sector is currently facing challenges, particularly as several regions across the globe seem intent on moving away from fossil fuels. “The oil sector has gone from being the leader of the world economy to a laggard,” he said.
In what could only be described as a sign of the changing times, six out of ten companies in the S&P 500’s Top 10 list are connected to the tech sector. Among these are Microsoft, Apple, and Alphabet, all of which are currently engaged in active programs aimed at embracing sustainability. Apple, for example, uses recycled metals for its premium devices like the MacBook Air and Mac mini, while Microsoft has pledged to cut its carbon emissions by 75% by 2030.
In a segment on CNBC during a particularly volatile time for oil stocks last year, Paul Sankey of Mizuho Securities described a phenomenon known as the “Tesla Effect” that is starting to make its way to the oil industry. “Essentially, the big issue is the so-called ‘Tesla Effect,’ the general ‘End of the Oil Age’ theme that is a problem for these (oil) stocks. The Tesla Effect is the overall concept that (while) the 20th century was driven by oil, the 21st century will be driven by electricity. There’s a 30-year transition, and we’re somewhere probably 10 years into that transition. Ultimately, (the) terminal value of oil has been severely affected by the potential for us to change behavior,” the analyst said.
Exxon’s departure from the S&P 500’s Top 10 list did not happen overnight. While the oil giant was the index’s largest company in 2009, it has seen a steady decline over the past years. Ten years ago, Exxon’s weight in the S&P 500 was a considerable 5%. Today, it is a more far more humble 1%, according to data aggregated by Bloomberg.
Also aggravating Exxon Mobil’s exit from the S&P 500’s Top 10 list is the volatility of oil and gas prices, as well as notable price slumps, and overarching concerns about oil demand. These factors have made the energy sector in the S&P 500 one of the worst performers in recent months. This year alone, the S&P 500’s energy sector is being outperformed by other sectors in the index such as real estate, communications, and consumer staples, among others.
Investor's Corner
SpaceX is launching a secret spacecraft that could change how things are made in space
SpaceX’s secret disk-shaped Starfall capsule is targeting a market no reentry vehicle has cracked.
SpaceX is targeting Tuesday, June 23 for the first flight of Starfall, a reentry capsule the company has developed almost entirely in private. The Falcon 9 launch window opens at 6:43 a.m. ET from Space Launch Complex 40 at Cape Canaveral Space Force Station, with a backup window available the same time on June 24. SpaceX has made no public announcement about the vehicle, only providing launch details. Everything known about it has come through FAA and FCC regulatory filings.
What makes Starfall different starts with its shape. Rather than the traditional cone used by Dragon and every other cargo return capsule in operation, Starfall is a flat disk that measures roughly 10.2 feet (3.1 meters) wide and just 2.5 feet (0.75 meters) tall, and weighing 4,630 pounds (2,100 kg) and capable of returning up to 2,200 pounds (1,000 kilograms) of payload from orbit. The disk geometry maximizes structural efficiency and payload volume relative to mass, and the heat shield mechanically jettisons just before splashdown, allowing recovery teams to retrieve both the capsule and the shield separately from the Pacific Ocean.
The difference with Starfall from existing competitors, such as Varda Space Industries, which has largely built the orbital manufacturing market and returns heavy payloads per flight is that Starfall’s specification is roughly 30 times more per mission, and is designed to be mass-produced and launched on either Falcon 9 or Starship. That combination of volume and launch access is something no standalone startup can replicate, and it puts SpaceX in direct competition with the companies that currently pay it to reach orbit.
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The intended market is orbital manufacturing: pharmaceuticals, protein crystals, semiconductors, and advanced optical fiber that physically cannot be produced in the presence of gravity. FAA documents describe Starfall’s long-term purpose as building a “self-sustaining commercial in-space manufacturing market” and as a potential successor to the industrial capabilities of the International Space Station, which is set to retire in the late 2020s. Military rapid global cargo delivery is a parallel application under active discussion with the Pentagon.
The reason some industries seek manufacturing in space comes down to gravity. On Earth, gravity causes materials to settle, separate, and deform during production. In microgravity, those constraints disappear.
SpaceX’s already controls launch access, which means it currently functions as the landlord for every competitor in the orbital manufacturing return space. Starfall converts that landlord position into vertical ownership, and it would no longer just carry other companies’ capsules to orbit, but rather operate the capsule, own the return logistics, and capture the service revenue directly. Viewed alongside Starlink, Colossus, and the xAI merger, Starfall fits a consistent pattern: SpaceX identifying infrastructure layers that others depend on and moving to own them outright. Orbital manufacturing return is the next layer on that list.
If Tuesday’s reentry, parachute sequence, and recovery demonstration goes as planned, the second FAA-approved test flight follows. A successful pair of demos would position SpaceX to begin offering Starfall as a commercial service, likely first to pharmaceutical and materials science customers before scaling toward the military and broader manufacturing segments.
The Tesla Semi was spotted mounted with ground truth validation equipment as the company nears its looming launch. The Semi is Tesla’s Class 8 all-electric truck, and has been utilized in its earlier stages by many companies like PepsiCo. and Frito-Lay, who have been using it in a pilot program.
The Semi was spotted in Sunnyvale, California, and sports a typical ground truth validation unit that Tesla routinely uses on its vehicles. Ground truth validation is essentially the process of training supervised algorithms to ensure they can perform reliably. Tesla typically performs this on vehicles that are being released soon:
Spotted the new semi adorned with ground truthing equipment. Haven’t seen anyone post this so figured I’d share.
The future is autonomous!!@SawyerMerritt @wholemars pic.twitter.com/qkPDHPUQZ6
— Danny (@dannywinner1) June 21, 2026
The Semi being spotted with this type of validation rig is important because it means the company is working on solidifying a Full Self-Driving model for its commercial vehicle offering. This would be a massive development for not only Tesla but also the logistics industry as a whole.
There are strict regulations on driving hours for commercial truck drivers, and autonomy is a way to potentially combat these issues. FSD is already a widely effective way that owners of typical passenger vehicles take stress out of travel. Even launching a semi-autonomous platform for truck drivers to use to increase safety, reduce fatigue, and increase productivity would be a huge development.
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The Semi has already proven to be an ideal solution for companies that use commercial logistics. It has increased efficiency and reduced operating costs for many companies that have been able to use it in pilot programs.
There are expected to be some bumps along the way. Tesla saw some challenges with FSD on the Cybertruck, as it had never had a vehicle with cameras at that height, so some of the features with FSD were not immediately available. Just a week ago, Tesla launched Actually Smart Summon (ASS) for Cybertruck, nearly three years after the vehicle was first delivered to customers.
President Donald Trump unveiled an upgraded Boeing 747-8 at Joint Base Andrews on June 19, 2026, describing the Qatar-gifted aircraft as an interim Air Force One equipped with advanced communications systems, including Starlink, Elon Musk’s SpaceX satellite internet service.
The plane, valued at around $400 million and modified for presidential use, serves as a bridge until the delayed VC-25B replacements arrive. Trump highlighted its luxury features and new technology during remarks to service members.
Trump stated:
“We have communication equipment up there that nobody’s ever seen before. It’s the highest level and, uh, including Starlink. My friend Elon is going to be very happy, but, uh, Starlink and we have, uh, four or five different sets of double and triple communications like people haven’t seen.”
He added:
“And it represents what can happen with hard work, innovation, and aggressive timelines because we did this quickly and yet there’s never been communication like is on this plane.”
🚨 President Trump confirmed today that the new Air Force One is equipped with Starlink:
“We have communication equipment up there that nobody’s ever seen before, it’s the highest level and including Starlink…my friend Elon is going to be very happy.” pic.twitter.com/IhkDmtr5hL
— TESLARATI (@Teslarati) June 20, 2026
The aircraft features a redesigned red, white, and blue livery and has been outfitted with Starlink satellite connectivity alongside other secure systems.
Trump praised the plane’s uniqueness, calling it among the world’s most luxurious. The gift from Qatar and subsequent modifications have drawn attention, with the jet positioned as a solution for presidential travel. It is expected to support operations, including potential ceremonial roles such as Fourth of July flyovers.
The event marked the formal introduction of the converted jet, which will help maintain capabilities while the primary Air Force One fleet undergoes modernization. Defense observers note the inclusion of commercial satellite technology like Starlink as part of efforts to ensure resilient communications, crucial to keep the country running as the President is in the sky.
President Trump’s comments underscored appreciation for rapid upgrades and innovation in equipping the aircraft. The plane remains a U.S. government asset and is slated for eventual transfer related to presidential library purposes after its service.
SpaceX is launching a secret spacecraft that could change how things are made in space
Tesla Semi spotted with ground truth validation equipment as launch looms
