Nasdaq-100 achieves three consecutive years of 20% plus gains

The Nasdaq-100 index has achieved a significant milestone, recording annual gains of 20% or more for three consecutive years. As of 2026, the index has risen approximately 22% following a period of substantial growth, including a 54% jump in 2023 and 25% in 2024.

This rally is heavily driven by a concentrated group of large-cap technology companies, including Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, Broadcom, and Tesla. Because the index is weighted by market capitalization, the performance of these giants disproportionately dictates the direction of the entire index.

While the current streak mirrors historical periods of high growth, analysts note differences between the present era and the dot-com bubble of the late 1990s. Unlike the 1999 period, where many companies lacked profitability and price-to-earnings ratios were extremely high, current growth is supported by stronger corporate earnings. However, the high level of concentration in a few select firms remains a point of concern for market observers.