Tech stocks rallied over the course of the last week with Treasury yields dropping sharply following the release of the latest inflation reports. The tech-heavy Nasdaq composite gained 3.32%, bringing its year-to-date performance to 34.85%.
The Nasdaq has proved to be the year’s top performing U.S. index by quite some margin so far in 2023, with tech giants such as Nvidia (+211.13% YTD) and Meta Platforms (+156.66% YTD) carried by higher earnings expectations in the wake of artificial intelligence (AI). Indeed, the Artificial Intelligence & Big Data theme went on to outperform this benchmark index, up 4.86% for the week ending 14 July, and up 43.99% year-to-date.
And still, remarkably, there were additional themes that outpaced AI, with Blockchain and Next Generation Internet continuing to gain momentum over the week.
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