Nasdaq 100 Sees 12 Stocks Double, Led by AI Hardware Providers
Since the start of 2026, twelve companies within the Nasdaq 100 have seen their share prices double, signaling a shift in market preferences towards AI infrastructure hardware firms. Topping the list is SanDisk, which surged an impressive 411%. Meanwhile, Micron and Intel also joined this group with gains surpassing 100%.
Companies Delivering Strongest Gains and Their Market Segments
The twelve high-flyers broadly represent the AI hardware sector rather than software or platform-focused tech companies. Stock performances among these include:
- SanDisk (SNDK): +406%
- Micron (MU): +207%
- Intel (INTC): +175%
- Arm Holdings (ARM): +159%
- Marvell Technology (MRVL): +157%
- Western Digital (WDC): +152%
- Lumentum (LITE): +142%
- AMD (AMD): +126%
- Nebius (NBIS): +125%
- Applied Materials (AMAT): +110%
- Fortinet (FTNT): +101%
- Astera Labs (ALAB): +101%
Despite a recent pullback, SanDisk remains the standout performer for 2026.
The ‘Magnificent Seven’ Tech Stocks Trail Behind
In contrast, the so-called 'Magnificent Seven' tech giants have experienced more muted returns. As of August 10, Amazon leads this group with a 20% increase, followed by Nvidia (+14%), Apple (+13%), and Alphabet (+12%). Microsoft grew by 4%, while Meta declined 10%, and Tesla slid 27%, the weakest of this cohort. Over the same period, the S&P 500 index gained about 13%.
Ed Yardeni, founder of Yardeni Research, highlights that since November of last year, smaller Nasdaq stocks known as the 'Impressive-493' have outperformed the Magnificent Seven.
Shifting Capital Towards AI Hardware Supply Chains
Investor interest has notably shifted from tech giants to companies supplying physical AI infrastructure such as semiconductors and storage components. Large Wall Street firms including Morgan Stanley, Goldman Sachs, and JPMorgan have acknowledged the relative weakness of the Magnificent Seven and recommended selective portfolio adjustments to incorporate AI hardware plays.
Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, cautions that some semiconductor and related sectors may be significantly overbought. She suggests investors diversify across quality stocks, including select members of the Magnificent Seven.
AI Hardware Demand Supports Strong Stock Performances
Most of the doubling stocks focus on AI-powered data storage and computing hardware. For example, SanDisk and Western Digital manufacture flash memory chips essential for AI servers, smartphones, and medical imaging devices. Persistent chip and storage shortages have also drawn retail investors to these shares amid market volatility.
However, institutional views diverge on the future performance of platform-based versus hardware-based AI stocks. JPMorgan and Morgan Stanley differ on their investment approaches to AI chipmakers. Notably, prominent commentator Jim Cramer favors focusing on semiconductor suppliers as the core market play under the AI theme.
Throughout 2026, the Magnificent Seven have been outpaced by many small and mid-cap growth stocks. Going forward, their trajectory will largely depend on corporate earnings signals about AI hardware demand strength and overall capital expenditure trends. Current market dynamics underline that AI's economic benefits are increasingly realized within hardware supply chains rather than concentrated solely in tech platform giants.