The Invesco QQQ Trust (NASDAQ: QQQ), which tracks the Nasdaq-100 Index, rose to $717.54 on May 22, extending a three-day winning streak as Nvidia earnings optimism lifted the broader tech complex.
QQQ has gained approximately 15% year-to-date in 2026, making it one of the strongest-performing large ETFs of the year, with its 52-week range spanning from $501.48 to $722.12.
Nvidia accounts for approximately 9% of QQQ’s total holdings and has contributed 1.65 percentage points to the ETF’s year-to-date gain, though Micron and Intel have actually led on contribution over that period.
Apple, Microsoft, Amazon, and Alphabet collectively represent another 22% of the fund, meaning the top five holdings drive more than 30% of total ETF performance at any given moment.
The AI infrastructure spending cycle has significantly widened the return gap between QQQ’s market-cap-weighted approach and equal-weight Nasdaq alternatives, rewarding concentration in the largest tech names.
Analysts at ETF.com noted that Nvidia’s quarterly earnings results have become the single most market-moving catalyst for QQQ given the chip giant’s outsized weighting and AI infrastructure dominance.
The Federal Reserve is widely expected to deliver two 25-basis-point rate cuts in 2026, a scenario that would ease valuation pressure on the high-growth, high-multiple stocks that dominate the Nasdaq-100.
QQQ carries an expense ratio of just 0.18% and remains the second most-traded ETF in the United States by average daily volume, with assets under management of approximately $466 billion.
A sell signal from the 3-month MACD indicator has emerged in recent sessions, though both short-term and long-term moving averages continue to point higher, with technical support seen at $711.62.
