Invisible Dynamics

Nike is leaving the S&P 100 after almost eighteen years. Since its 2021 peak, the company has lost more than $220 billion in market value. Its shares have fallen to levels not seen in more than a decade, while younger competitors such as Hoka and On have gained ground among runners, athletes and consumers. It would be easy to tell this story as a familiar corporate tragedy: an iconic brand made the wrong strategic bet and paid the price. But that explanation is too simple