The Invesco QQQ Trust (QQQ) surged 2.77% on Monday, closing at $741.47. The tech-heavy ETF extended its winning streak to four straight sessions as investors returned to artificial intelligence stocks. QQQ opened at $727.89 and climbed as high as $743.22 during the session.
At its intraday high, QQQ was less than 1% below its 52-week high of $748.65. About 46.7 million QQQ shares changed hands on Monday, compared with around 48.5 million shares on Friday. According to CoinCodex.
Monday's rally added to a strong year for QQQ. The ETF is now up about 20.7% so far in 2026. The rise shows that investors continue to put money into large technology and growth companies, especially those linked to AI. QQQ tracks the Nasdaq-100 and has major exposure to some of the biggest technology companies in the US.
AI stocks lift QQQ
QQQ's Monday rally came as the wider technology sector also moved higher. The Nasdaq Composite reached a record closing high during the session. AI-related companies were among the biggest drivers of the rally. The Philadelphia Semiconductor Index jumped 4.3%, showing strong demand for chip stocks that are closely tied to the AI boom.
Advanced Micro Devices, or AMD, was another major AI-related stock driving the market higher. AMD briefly reached a $1 trillion market capitalization for the first time on Monday. Investors have been betting on AMD's growing role in AI computing, which has helped lift the company's shares. Because AMD is one of QQQ's major holdings, a sharp move in AMD shares can also support the ETF.
{{/usCountry}}Advanced Micro Devices, or AMD, was another major AI-related stock driving the market higher. AMD briefly reached a $1 trillion market capitalization for the first time on Monday. Investors have been betting on AMD's growing role in AI computing, which has helped lift the company's shares. Because AMD is one of QQQ's major holdings, a sharp move in AMD shares can also support the ETF.
{{/usCountry}}Also read: Why is the S&P 500 under pressure as Fed rate hikes push interest rates higher?
Meta stock jumps 11%
Meta Platforms was another major technology stock behind Monday's rally. Meta shares jumped 11.4% after the company received a price-target upgrade. The upgrade reflected optimism about Meta's artificial intelligence strategy. Meta's strong move also supported the broader technology rally and helped lift QQQ.
AI stocks were not the only factor supporting QQQ. US Treasury yields also moved lower on Monday, which helped growth and technology stocks. The 10-year Treasury yield fell below 5%. Lower bond yields can make growth stocks more attractive because investors compare the potential returns from stocks with returns available from bonds. This matters especially for QQQ because the ETF has a large concentration of technology and other growth companies.
Oil prices ease inflation fears
Oil prices declined on Monday, adding another positive factor for technology stocks. Falling oil prices can reduce concerns about higher inflation because energy costs affect businesses and consumers. This came shortly after the Federal Reserve's recent rate hike, making inflation and interest rates an important focus for investors. With oil prices falling and Treasury yields easing, some pressure on growth stocks also declined.
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QQQ's performance is closely connected to the biggest technology companies because they make up a large part of the ETF. Its major holdings recently included Nvidia, Apple, Microsoft, Micron, Amazon and AMD. This means continued spending on AI chips, data centers and other AI infrastructure could have a major impact on QQQ. If investors remain confident about the AI boom, these large holdings could continue to influence the ETF's performance.
QQQ price forecast
Despite Monday's strong rally, some short-term forecasts do not expect another huge move immediately. StockInvest.us upgraded QQQ from Hold to Buy after Monday's session. However, its model expects QQQ to rise only about 0.42% over the next three months. The model also gives QQQ a 90% probability of finishing that period between $666.37 and $744.60, according to StockInvest.us.
Some longer-term estimates are more bullish on QQQ. TipRanks puts the average 12-month QQQ price target at $880. That figure is based on analyst targets for 101 companies held by the ETF. The individual estimates range from $647 to $1,185. However, this is important: the $880 figure is a holdings-based projection, not a direct Wall Street price target for QQQ itself. According to TipRanks.
After Monday's rally, QQQ is now very close to its 52-week high of $748.65. The ETF needs to move above that level to set a new 52-week high. A move above $750 would also put QQQ above a major psychological price level for investors. For now, the key question is whether the combination of AI stock strength, lower Treasury yields and easing inflation concerns can push QQQ through its previous high.