The Nasdaq 100 remains a key focus in the U.S. equity market as capital flows continue to favour large-cap technology stocks, particularly companies directly benefiting from artificial intelligence, semiconductors, cloud computing, and data centre expansion.
In the session on May 13, 2026, the Nasdaq 100 closed at 29,366.94 points, up 302.14 points, or 1.04%, indicating that the short-term uptrend remains relatively strong.
This positive momentum was also reflected in the Invesco QQQ Trust, the ETF tracking the Nasdaq 100, which traded around USD 714.71, with an intraday range between USD 704.92 and USD 718.62 and trading volume of more than 40 million shares.
This suggests that liquidity remains strong, reflecting sustained investor interest in U.S. technology stocks.
The most important supporting factor for the Nasdaq 100 remains AI and semiconductor-related stocks.
The S&P 500 and Nasdaq recently closed at record highs, supported by a strong rebound in technology stocks linked to AI and chips, despite market pressure from higher-than-expected inflation data. The Nasdaq Composite rose 1.20%, while technology and communication services stocks were among the key market leaders.
Notably, the Nasdaq’s advance has not been broad-based across the entire market but has been clearly concentrated in major technology stocks. AP also reported that Wall Street reached new highs mainly thanks to the technology sector, while most other sectors weakened following disappointing inflation data. This indicates that the current strength of the Nasdaq depends heavily on mega-cap technology stocks and the semiconductor sector.
Companies such as Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta Platforms, Broadcom, and Tesla are all components of the NDX and represent some of the world’s largest technology companies. These stocks also play a central role in the AI narrative, spanning chip production and software development to data centre expansion and cloud infrastructure.
However, the outlook for the Nasdaq 100 is not entirely positive. The biggest risks currently come from inflation and the Federal Reserve’s monetary policy. The latest data showed that U.S. PPI rose 1.4% in April, the strongest monthly increase in four years. This has weakened expectations that the Fed will cut interest rates soon and has increased the possibility that Treasury yields may remain elevated.
For the Nasdaq 100, a high-interest-rate environment is a notable risk because technology stocks are often more sensitive to yield movements. When Treasury yields rise, the valuation of growth stocks can come under pressure as future cash flows are discounted at a higher rate.
Overall, the Nasdaq 100 continues to be supported by growth momentum in AI, semiconductors, cloud computing, and data centres. Capital has not yet rotated away from technology stocks, and short-term pullbacks have continued to attract buying interest. However, as the index has already moved into record-high territory, the short-term margin of safety has narrowed, especially if upcoming inflation data continues to pressure monetary policy expectations.
In the short term, the main trend for the Nasdaq 100 remains positive, with semiconductor stocks continuing to lead the market. However, investors should remain cautious about a potential technical correction, particularly since the current rally relies heavily on a small group of large-cap stocks. If AI- and chip-related stocks lose momentum, or if U.S. Treasury yields continue to rise after the latest inflation data, the Nasdaq 100 could face short-term profit-taking pressure.
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