Why GM and Hilton are ditching the NYSE for Nasdaq

In today’s CEO Daily: What’s behind the great Nasdaq migration?

The big leadership story: Anthropic’s S-1 reveals where OpenAI could have the upper hand.

The markets: Mixed globally as investors await a Fed rate decision.

Plus: All the news and watercooler chat from Fortune.

Good morning. General Motors announced yesterday that it will move its listing from the New York Stock Exchange to Nasdaq on Nov. 17 as part of its “customer-focused, technology-driven strategy.” Hilton will move there on Nov. 5, with CEO Chris Nassetta telling investors yesterday that Nasdaq provides a “platform aligned with our innovation and growth ambitions and position[s] Hilton alongside some of the world’s most innovative companies.”

In some ways, this feels like debating where to sit in the high school cafeteria: old guard or new guard, the varsity table or the one filled with kids from the robotics club. How investors grade the innovation and growth prospects at GM or Hilton isn’t going to depend on where they list their shares. They’re sitting down with the same stuff on their trays, and both exchanges already trade each other’s stocks. But moving to Nasdaq is more than just a popularity contest. There are reasons why GM’s shares rose 6% yesterday on the news. Among them:

The Nasdaq 100 Index. Walmart got a 3% bump on Jan. 12, the day its Nasdaq 100 inclusion was announced, after it had moved from NYSE to Nasdaq a month earlier. That prestigious index, which tracks the exchange’s 100 largest non-financial companies, is volatile but consistently outperforms the much broader S&P 500. Unlike other indices, like the NYSE 100, companies must be members to qualify for the Nasdaq 100. Companies like Hilton and GM are solid contenders. While it may........

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