With the growth in index funds’ size and impact over the last...

With the growth in index funds’ size and impact over the last fifteen years, a whole industry of index arbitrageurs has built back up who buy before the inclusion dates, and even before the announcement dates (the inclusion methodology is generally rules-based, and so predictable), essentially front-running the index funds. This smooths out the price impact somewhat, and it’s likely already benefited the stock to a meaningful degree, but the continual index additions over the next few months should provide quite a steady tailwind, not that the stock seems to need it..