The Nasdaq 100 has gained 180.1% since the start of 2023, putting the tech-heavy index on track for its best four-year run since 1999.

The index — tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) — has recorded four straight 20%-plus years: 53.8% in 2023, 24.9% in 2024, 20.2% in 2025 and 21.3% so far in 2026.

Memory and semiconductor stocks are carrying the index.

SanDisk Corp. (NASDAQ:SNDK) has surged 695.8% year to date, Micron Technology Inc. (NASDAQ:MU) 278.9% and Intel Corp. (NASDAQ:INTC) 229.6%

Seagate Technology Inc. (NASDAQ:STX), Marvell Technology Inc. (NASDAQ:MRVL) and Arm Holdings plc (NASDAQ:ARM) each rallied over 200% thus far this year.

Dispersion is brutal with software names being the worst performers: Intuit Inc. (NASDAQ:INTU) has lost 56.2%, AppLovin Corp. (NASDAQ:APP) 51.8%.

Image: Envato Elements

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