Nasdaq 100's Best Day Since May 2025: 10 Stocks Driving the Move

The Nasdaq-100 is on track to deliver its strongest daily gain in more than a year. 5% in afternoon trading, on pace for its best session since May 2025, when the Trump administration’s 90-day tariff pause with China unleashed a relief rally across global equities. This time, the catalyst was another proof yet that the artificial intelligence spending boom remains alive and well. A blockbuster quarter from Microsoft Corporation (NASDAQ: MSFT ) reassured investors that billions of dollars in AI investments are finally translating into faster cloud growth.

Lam Research Corporation (NASDAQ: LRCX ) reinforced the same message from the other side of the AI supply chain, showing that chipmakers continue spending aggressively on the equipment needed to manufacture next-generation semiconductors. Together, the two reports removed the biggest fears weighing on technology stocks this year: that hyperscalers would struggle to monetize AI, and that capital spending was beginning to slow. The result was a powerful rally that spread well beyond the two companies. Ten stocks delivered 308 of the 351 basis points the index gained, roughly 88% of the move from about a third of the index by weight.

Chart: Nasdaq 100 Eyes Strongest Session Since May 2025 The 10 Stocks Driving Thursday’s Nasdaq Rally 10. Broadcom Inc. 02% of the index. 9.

72% weight in the index. The outsized move came after the high-flying memory player had slumped more than 50% from June’s highs. 8. 92% weight—the second largest in the Nasdaq-100—it still contributed 16 basis points to the index rally.

7. com Inc. 20% index weight. 6.

Applied Materials Inc. 65% weighting. The stock rallied alongside Lam Research as investors bet semiconductor manufacturers will continue investing aggressively in fabrication equipment. 5.

96% weight. The move extended the recent momentum in semiconductor stocks as investors rotated back into the AI hardware complex. 4. 50% of the index.

The chip equipment maker posted earnings and guidance that exceeded expectations, delivering its strongest trading session since March 2020 and reinforcing confidence that wafer fabrication spending remains healthy. ” 3. Advanced Micro Devices Inc. 33% weighting.

2. Micron Technology Inc. 96% weight. Micron had fallen close to 20% over the prior four sessions on underwhelming results from SK Hynix Inc.

(NASDAQ: SKHY ) 1. Microsoft Corporation was by far the day’s biggest driver. 00% of the index. Investors cheered accelerating Azure growth and evidence that Microsoft’s massive AI investments are beginning to translate into stronger earnings without another significant increase in capital spending.

” The stock is heading for its best day since October 2008. It added roughly $490 billion in market value, which would be the largest single-session market capitalization gain for any stock on record, surpassing the $440 billion Nvidia added during the April 2025 tariff pause. com and Apple Inc. (NASDAQ: AAPL ) report after Thursday’s close, with attention on cloud capital spending at one and on hardware margins at the other, given the memory price increases now working through the supply chain.

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