Among the mega-cap stocks listed on the Nasdaq-100, only 12 stocks are up at a time when the tech-heavy Nasdaq-100 index is down around 2% so far in 2026. Of these, eight stocks have given double-digit returns, while the top 5 stocks have delivered between 19% and 62%.
So, which are the top gainers of the Nasdaq so far in 2026? Micron Technologies, Applied Materials, Lam Research Corp, ASML Holdings NV and Intel Corp are the biggest gainers in the Nasdaq 100 year-to-date (YTD). All these 5 companies have a market cap of above $200 billion.
Mega-cap companies are typically defined as those with a market capitalization exceeding $200 billion, though exact thresholds may vary with market conditions.
The common thread among the top 5 Nasdaq-100 companies is that all of these are in the Semiconductor industry. What makes Applied Materials, Lam Research Corp, ASML Holdings NV stand out is that these three are the only companies in the Semiconductor Equipment and Materials space listed on the Nasdaq-100.
There are 5 companies in the Semiconductor space but only Micron Technologies and Intel Corp, have managed to stay on top so far this year.
With nearly 62% YTD, Micron Technologies leads the chart, followed by Applied Materials, Lam Research Corp and ASML Holdings NV, with over 30% returns. Intel Corp is up over 19% YTD.
The performance of the top 3 from the list is equally outstanding over the last 12 months. Micron Technologies, Applied Materials, Lam Research Corp, have gained 347%, 127% and 190% in the last year.
Understandably, these stocks are trading at high valuations. Micron Technologies, Applied Materials, Lam Research Corp, and ASML Holdings NV are trading at P/E ratios of 43.89, 36.10, 46.41 and 49.71.
The Nasdaq-100 Index is composed of the 100 largest non-financial companies listed on the Nasdaq Stock Market and is dominated by technology companies. Most top tech companies, such as Nvidia, Tesla, Microsoft, Meta (Facebook), Amazon, Apple, Netflix, and Alphabet (Google), are part of the Nasdaq 100 index.
The Magnificent 7 group of mega-cap tech stocks has gained prominence since the AI-led boom in leading tech firms. The Magnificent 7 companies include Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Alphabet.
The performance of Magnificent 7 stocks has been lackluster so far in 2026. The biggest company, Nvidia, with a market cap of $4.4 trillion, is down 2.5%, Alphabet is down 1.5%, Apple is down 6.5%, Microsoft has lost 17%, Amazon lost 6.7%, Meta 5.6% and Tesla 11%.
Since the start of the Iran war, the US stock market indices have shown a noticeable divergence in performance. The Dow Jones Industrial Average has been more adversely impacted due to its greater dependence on industrial and financial sectors, whereas companies on the Nasdaq and S&P 500 have remained relatively unscathed.
There may be a noticeable shift in investment from traditional economy sectors to chips and tech sector stocks if the Middle East tensions persist. The upcoming US CPI data release in April will reveal the inflationary impact of rising oil prices. Until then, the price of oil and movement in the dollar index will be crucial to the markets.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investment in foreign securities involves significant risks, including currency fluctuations, different financial reporting standards, and varying regulatory environments. The historical performance of US stocks is not a guarantee of future returns, and gains should not be viewed as an offer or solicitation to buy. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.