The Nasdaq Composite is on the brink of posting its strongest start to the year ever, as the flagship tech index shakes off a dreadful 2022 on the back of newfound excitement for the sector—a surge fueled partly by the rise of artificial intelligence.The Nasdaq has gained 30% year-to-date, outperforming the S&P 500’s 14% bounce and Dow Jones Industrial Average’s 2% gain.
With two days left, the Nasdaq is on track for by far its best January 1 to June 30 return since its inception in 1971, easily topping the prior record holder, 2019, when it gained 25.2%. This year’s hot start comes after the index crashed 30% during the first half of 2022—its biggest first-half loss since 1974—as investors piled out of rate-sensitive tech stocks as the Federal Reserve began hiking interest rates.
Arguably the biggest factor behind the Nasdaq’s recent rally is Wall Street’s grand vision about what generative artificial intelligence could mean for sales growth for tech’s biggest names; chipmaker Nvidia and AI-exposed stalwarts Alphabet and Microsoft have each gained hundreds of billions in market value this year.
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