Palo Alto Networks Joins Tel Aviv 35 Index on August 6 Following CyberArk Acquisition

The Tel Aviv Stock Exchange's Index Committee announced on July 1 that American cybersecurity giant Palo Alto Networks will officially join the flagship TA-35 index on August 6. This inclusion follows a technical delay in the previous index update, as the company began trading on the TASE only a week after the required 60-day trading period due to its late February listing after acquiring CyberArk.

Since its dual listing, Palo Alto Networks' share price has surged approximately 127% in shekel terms. Founded in 2005 by Israeli entrepreneur Nir Zuk, the company is now the largest on the Tel Aviv exchange by a wide margin, with a market capitalization exceeding 800 billion shekels. This valuation represents nearly a quarter of the entire local equity market and surpasses the combined value of major Israeli firms such as Teva, Elbit Systems, and the largest banks.

Due to its size, Palo Alto Networks was initially set to receive the maximum single-stock weight of 7% in the TA-35 index. However, TASE regulations cap the total weight of stocks linked to the same foreign country, in this case, the United States, at 8%. To comply, the committee limited Palo Alto's weight to 5%, while Ormat Technologies, another U.S.-linked company, will see its weight reduced from 4% to 3%.

Additionally, the committee reformed the criteria for "investment-heavy indices," reducing the list from 12 to just three: TA-35, TA-90, and TA-125. These indices must have at least 10 billion shekels in tracking assets. These structural changes are expected to trigger significant trading volumes and large capital flows from index funds and ETFs during the first week of August.

Separately, the Israeli high-tech sector raised $7.6 billion in the first half of 2026, although the number of funding rounds declined. Palo Alto Networks’ entry into the TA-35 marks a notable milestone in the integration of global tech giants into Israel’s capital markets.