NEW YORK (CNNMoney) -- The Nasdaq-100 index will be rebalanced to reduce the weight of Apple's stock by about 40%, Nasdaq OMX announced Tuesday.
The changes will bring Apple in line with Nasdaq rules that require a rebalancing whenever a single stock makes up more than 20% of the index.
Apple (AAPL, Fortune 500) currently represents 20.5% of the index, even though there are 99 other stocks in the index. When this change goes into effect on May 2, Apple's weight will be reduced to 12.3%.
The rebalancing will increase the weight of other tech stocks, including Microsoft and Google. Microsoft (MSFT, Fortune 500) will make up 8.3% of the index, more than double the current 3.4%. Google (GOOG, Fortune 500)'s weight in the index will rise to 5.8% from 4.2%.
Telecommunications manufacturer Qualcomm (QCOM, Fortune 500), currently the second heaviest-weighted issue in the Nasdaq-100 at 5%, will be reduced to a 3.5% weighting.
Most of the other stocks make up less than 1%.
Apple shares slipped 3% in premarket trading. 
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| Index | Last | Change | % Change |
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| Dow | 15,112.19 | -206.04 | -1.35% |
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| Company | Price | Change | % Change |
|---|---|---|---|
| Sprint Nextel Corp | 7.00 | -0.32 | -4.37% |
| Pfizer Inc | 29.10 | -0.30 | -1.02% |
| Bank of America Corp... | 13.19 | -0.08 | -0.60% |
| Micron Technology In... | 13.97 | 0.22 | 1.60% |
| General Electric Co | 23.98 | 0.00 | 0.00% |
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