Comparison between 2000 and 2026: What changes have occurred in the leading stocks of the Nasdaq index?

The global technology stock surge sparked by artificial intelligence has raised concerns about a bubble, with some analysts comparing the current situation to the dot-com bubble of the early 2000s in an attempt to find some guidance. According to BTIG analyst Jonathan Krinsky, the top 10 performing stocks in the Nasdaq 100 Index over the past year have risen by an average of 784%, exceeding the average increase of the top 10 stocks in the year before the index peaked in March 2000, when the average increase was 622%. Data from BTIG The last boom in the Nasdaq revolved around the internet, networking, chips, storage, and the new digital economy, while the current boom revolves around artificial intelligence infrastructure, memory, data centers, bitcoin, and the physical limits of computing power. Statistics show that most of the top ten performing stocks during the internet era were software stocks. The top performing stock, Strategy, formerly known as Microstrategy, used to focus on software, but has now transitioned into a bitcoin asset management company. Former market darlings like SanDisk and Micron Technology have made the list again after over twenty years, highlighting the continued importance and advantage of these two semiconductor companies in both the internet era and the artificial intelligence era. Tech giants like Nvidia, Apple, and Adobe, while not leading in the current artificial intelligence boom, have reached the top of the global market value ranks, representing their market appeal over an extended period. In this current surge, chip companies have taken the lead, with all but Warner Brothers Exploration Company involved in semiconductor manufacturing or equipment supply business, reflecting the current popularity of the semiconductor industry. This trend has become even more apparent in the latter part of this week, with SanDisk's price increasing by 4040% over the past 12 months ending on Friday, Western Digital expanding to 955%, and Micron expanding to 770%... At the same time, compared to the past, the leading stocks have seen a more pronounced effect. In 2000, the average increase of the top performing stocks was 622%, while the median increase was 455%; currently, the average increase is 784%, but the median increase is only 354%. In other words, the artificial intelligence boom has indeed driven a general rise in U.S. technology stocks, but the biggest winners may be only a few and likely already priced too high. Considering SanDisk's over 4000% increase, this concern is not unfounded. This article is republished from Caishen, GMTEight Editor: Chen Yufeng.