The Nasdaq Index is having a difficult year amid concerns about the ongoing US-Iran war and the private credit industry. It has retreated by over 8% from its highest point this year. This article explores some of the top gainers and laggards this year.
Memory chip companies are the top gainers in the Nasdaq 100 Index
A closer look at the top gainers in the Nasdaq 100 Index shows that memory chip companies are at the top as the ongoing supply shortage gains steam. Western Digital stock has jumped by 67% this year, while Seagate Technology has soared by 53%. Micron stock has jumped by 24%.
These stocks have continued the bullish momentum that started last year as demand for DRAM and NAND chips has remained elevated, with most of the companies being sold out for the year.
Still, it is unclear whether the bullish momentum will continue in the foreseeable future as recent data showed that DRAM prices have started falling, a sign that the industry is adjusting to the new normal.
Top chip companies are doing well as others struggle
Meanwhile, some specific semiconductor companies are doing well even as big names like NVIDIA and AMD remains in a correction.
Intel stock price has jumped by 33% this year, while Arm Holdings, Applied Materials, Marvell Technology, and Lam Research have soared by over 20% this year.
Marvell Technology stock jumped recently after NVIDIA took a $2 billion stake in the company, a move that will expose it to the booming ASIC industry.
Meanwhile, Arm Holdings stock jumped after the company announced that it would expand its business by launching chips. This is a major reversal as the company has historically made money through the licensing of its technology to other companies.
Other top gainers in the Nasdaq 100 Index are in diverse industries. For example, Baker Hughes’ stock has jumped by 32% this year as the war in Iran has created an opportunity for companies in the oil services industry.
DiamondBack Energy has soared because of the ongoing crude oil price surge. The other top gainers were firms like Ross Stores, Monolithic Power Systems, KLA Corporation, Linde, and Costco.
Top laggards in the QQQ ETF
Many companies in the QQQ ETF have retreated in the past few months, with most of them being in the software industry, which most analysts believe will be disrupted by the booming artificial intelligence technology.
Atlassian stock has plunged by 57% this year, continuing a downward trend that started a few years ago. It has dropped by over 68% in the last five years as concerns that some of its businesses will be disrupted and as its insiders continued selling the shares.
AppLovin, a popular company in the ad-tech industry, has plunged by over 43% this year as investors start to book profits after it went parabolic last year. It has jumped by 451% in the last five years.
Software companies like Workday, Intuit, and Zscaler have plunged by over 36% this year amid disruption fears. Most software companies are also going through a valuation reset after their multiples surged during the boom.
The other top software companies that are crashing this year are Adobe, Shopify, and Microsoft.
Meanwhile, Thomson Reuters stock has dropped by over 30% this year as investors have dumped similar companies amid concerns the AI will make their businesses obsolete.
The other notable laggards in the Nasdaq 100 Index are companies like Axon Enterprise, Qualcomm, Cognizant Technology, PayPal, Strategy, and Take-Two Interactive.
On the positive side, the ongoing sell-off in technology companies has led to opportunities as most of them have become bargains. Some of those that have slumped will actually be improved by incorporating AI into their operations.
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