Can tech stocks keep rallying after Nasdaq’s 25% gain

The Nasdaq-100 climbed 25% this quarter through June 12, 2026, driven by SpaceX’s IPO, stronger corporate earnings and heavy investment in AI data centers and chips, Horizon Investments’ asset management team wrote in a June 16 commentary authored by Mike Dickson.

The note compared the current run to the late-1990s Internet boom, citing that the Nasdaq-100 rose more than 1,000% from 1995 into early 2000. It noted that after the dot-com bust the index still produced roughly a 290% gain across the seven years through 2001, equal to about a 21% compound annualized return.

Horizon pointed out that the Nasdaq-100 returned 173% over the past 864 trading days, close to the 192% return recorded over the same span in the mid-1990s. The firm identified three near-term drivers for the recent advance: the SpaceX listing, broad-based earnings growth among large technology firms, and strong demand for AI infrastructure.

The commentary listed additional economic factors the firm sees as supportive: a robust labor market, continued corporate earnings gains, typical seasonal strength for stocks and the prospect of a resolution to the conflict in Iran reducing geopolitical risk.

The note included standard cautions. It stated that past performance does not predict future results and that forward-looking statements cannot be guaranteed. The document is not an offer to buy or sell securities and does not account for individual investors’ financial situations or objectives.

Horizon said its analysis is based on public information it considers reliable but does not claim completeness. The firm warned that investments can lose value and that asset allocation does not eliminate the risk of price swings.

Investors were advised in the note to assess their own risk tolerance and financial goals and to consult professional advisers before making investment decisions. The commentary and its figures are dated June 16, 2026.