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Tech stocks beat rivals the most since the dotcom bubble

  • Tech stocks haven’t outperformed their rivals as much since the dot-com bubble, according to one metric.
  • The tech-heavy Nasdaq Composite beat the Dow Jones Industrial Average by 9.3 percentage points in May.
  • This is the widest gap between the two indexes since October 2001, according to data from the Dow Jones.

By one measure, tech stocks have outperformed broader benchmarks since the bursting of the dotcom bubble in the early 2000s.

The Nasdaq Composite beat the Dow Jones Industrial Average by 9.3 percentage points in May, with the tech-heavy index posting returns of almost 8% thanks to stellar gains from Nvidia.

It’s the biggest gap between the two stock market gauges since October 2021, according to Dow Jones data cited by MarketWatch.

At that time, the Nasdaq was in the midst of a brief bearish rally, but was still trading well below the all-time high it hit in March 2000.

It would bottom about a year later after falling 740% from its peak.

Just as the index boom in the late 1990s was fueled by the rise of the internet, an explosion of interest in artificial intelligence fueled tech gains in early 2023.

Nvidia has emerged as the clear winner of the AI ​​boom, posting nearly 160% year-to-date gains, with other mega-cap tech stocks like Meta Platforms and Tesla also rising in 2023.

Learn more: Nvidia has AI to thank for entering the $1 trillion club


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