The Nasdaq 100 finally made a new high on Tuesday before pulling back yesterday, but in the run-up to new highs in the post-election rally, it hasn’t been the same old crew of stocks pushing the index higher. While the Nasdaq 100 is up about 12.5% since the election, thirteen stocks are up by more than twice the amount of the index itself. Leading the way higher, Moderna (MRNA) is up over 100% after positive news regarding its vaccine. After MRNA, shares of Pinduoduo (PDD), a Chinese e-commerce play, have rallied more the 50%, rising from $97.72 up to $154.00.Tesla (TSLA) rounds out the top three with a gain of 47% in just the last five weeks. The next two stocks on the list – Applied Materials (AMAT) and Micron (MU) – can hardly be considered emerging stocks.In addition to those two stocks from the semiconductor sector, three others from the sector made the cut (LRCX. MCHP, and QCOM) as chips have been red-hot.

At the bottom of the table, we have also included the performance of the five mega-cap stocks of the Nasdaq 100. While all five stocks outperformed for much of 2020, not a single one of them is outperforming the Nasdaq 100 since Election Day, and only Apple (AAPL) is anywhere close to matching the performance of the index itself.

The chart below shows the performance of an equally-weighted basket of the five mega-cap stocks over the last year. From 9/2 to 9/23, this basket of stocks pulled back more than 16%, and while it has been steadily grinding higher in the eleven weeks since that low, up until this point, the prior highs from September haven’t even come into play.