Documenting The Rally

Financial Research, Money Management • May 11, 2026 at 1:23 PM EDT

The Nasdaq 100 and semiconductor stocks are hitting historic highs above their 50-day moving averages, mirroring Dot Com era extremes.

The S&P 500 (SPY) is now up more than 17% since its late March low, and it's 7% above its 50-day moving average. The tech-heavy Nasdaq 100 (QQQ) is double that at 14% above its 50-DMA!

As shown below, the last time the Nasdaq was this far above its 50-DMA was in late 2009 in the early days of the post-Financial Crisis recovery.

Within Tech, the Semis continue to soar to levels not seen since the Dot Com Boom and Bust of the late 1990s/early 2000s.

As shown below, the Philadelphia SOX semis index (SOXX) is currently 33% above its 50-DMA, a level only hit three other times: December 1998, March 2000, and November 2002.

Below is a look at the best performing stocks this year in our AI Infrastructure basket (available with a Bespoke Institutional membership). There are nine stocks up more than 100% already!

Disclaimer:

Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.

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