Who are the biggest winners from Wall Street's rally this year?

Wall Street is experiencing a significant rally this year, with major indices showing strong returns. The S&P 500 has gained 8.5% year-to-date and 25.80% over the past 12 months. The Nasdaq, a benchmark for technology companies, has seen even more impressive growth, up 14% year-to-date and 37% over the last year. This surge has propelled the market capitalization of listed companies to unprecedented levels.

Nvidia continues to dominate, holding the top spot with a market capitalization of $5.1 trillion. Alphabet, formerly Google, follows closely at $4.48 trillion, with Apple's valuation at $4.35 trillion. Other tech giants like Microsoft ($2.97 trillion), Amazon ($2.64 trillion), and chipmaker TSMC ($2.29 trillion) also command massive valuations. SpaceX, a recent entrant to the stock market, debuted with a valuation of $2.51 trillion.

Beyond the mega-cap tech firms, numerous other technology companies have witnessed remarkable gains. Sandisk, for instance, has seen its stock surge over 600% this year, reaching a market capitalization of $311 trillion, a figure that surpasses the GDP of Greece. Western Digital's shares have climbed over 200%, with its market cap nearing $200 billion. Micron Technology has also experienced a 200% rise, achieving a market value of $1.22 trillion, while Intel's stock has gained nearly 200%, boasting a capitalization of over $600 billion.

The strong performance of companies like Sandisk is attributed to the demand for NAND flash storage technologies from AI data center operators. Sandisk has secured multi-year supply agreements worth $42 billion, and market estimates predict a more than 200% increase in NAND flash memory prices this year. Western Digital's gains are fueled by the rising demand for AI data storage, particularly its hard disk drives (HDDs) which offer cost-effective solutions for large data volumes. The company reportedly increased its prices by 46% in the last four months of 2025. Micron's significant returns are linked to the robust demand for AI chips, with potential for long-term chip manufacturing contracts. Intel has attracted substantial investment, including $8.9 billion from the U.S. government through the CHIPS Act and a $5 billion investment from Nvidia. Additionally, Intel benefits from a preliminary chip manufacturing agreement with Apple and strong demand for its Xeon processors.