The Nasdaq Composite reached a new intraday high on Friday for the first time since July, driven by a strong rally in technology stocks. This turning point followed a drastic decline of up to 15 percent in the summer, which had unsettled investors.

With an increase of 1.5 percent to 18,690.01 points, the technology-oriented index surpassed the previous daily high of 18,671.07 points. Especially in the early afternoon, the Nasdaq showed a 1.2 percent higher trading activity. Luca Paolini, Chief Strategist at Pictet Asset Management, commented on the development: 'Every time we panic, the market keeps rising. Eventually, you stop panicking.'

In comparison, the S&P 500, which is less heavily weighted in tech stocks, recovered more quickly after the summer downturn. While the Nasdaq was driven by the "Magnificent Seven" – including Nvidia, Apple, and Meta – these companies benefited once again from strengthened profits and the growing enthusiasm for artificial intelligence (AI).

Since the Federal Reserve's interest rate cut in September, the largest tech companies have performed better than expected. The S&P 500 Information Technology Sub-Index has risen by eight percent since then, while the overall index increased by only about four percent. Irene Tunkel, Chief US Equity Strategist at BCA Research, described the investor attitude as a "heads I win, tails I lose" bet, in which tech companies benefit in various economic scenarios.

Despite the overall recovery, not all major tech groups have benefited equally. Only three of the "Magnificent Seven" – Nvidia, Apple, and Meta – have achieved new records since July. Tesla, on the other hand, has not reached the heights of the pandemic-driven boom in 2021, but it significantly contributed to the Nasdaq's latest record after the company presented its better-than-expected results on Thursday.

Analysts like Piers Harding-Rolls from Ampere Analysis see Microsoft's strategy as a "big bet," but estimate that the launch of 'Black Ops 6' will directly lead to an additional increase of 2 to 2.5 million Game Pass Ultimate subscribers. At the same time, they warn of possible risks from high valuations and market volatility.

The expected gains in other sectors could support the leading role of tech stocks, particularly if economic conditions stabilize after the election in November. Mona Mahajan, Senior Strategist at Edward Jones, also sees opportunities outside the tech sector if the earnings situation improves and political uncertainty decreases following the US presidential elections.