The Nasdaq Composite Index capped a breakout April, logging its strongest monthly advance since the early-pandemic rally as a wave of strong earnings and renewed confidence in artificial intelligence lifted technology shares.
Big tech earnings were a major catalyst, with several names topping Wall Street's expectations for sales and cloud momentum, according to a report by CNBC.
Nasdaq’s April Surge
The index rallied 15.3% in April, marking a sharp turnaround for the tech-heavy index, which had struggled earlier in 2026 amid concerns that rapid advances in AI could disrupt existing business models.
The latest surge pushed the Nasdaq index into positive territory, now up about 7% since the start of the year. The index had been down roughly 7% at the end of March before the rebound took hold.
Big Tech & Semiconductors Lead The Charge
Mega-cap technology companies and semiconductors were at the forefront of the rebound. Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) popped 10% after its report and ended April up 34%, marking its best month since October 2004. Amazon.com Inc. (NASDAQ:AMZN) added 27% in April, while Microsoft Corp. (NASDAQ:MSFT) was also cited among the large cloud players that exceeded expectations.
Meta Platforms Inc. (NASDAQ:META) slid 9% Thursday after announcing increased capital expenditures, but still ended April up nearly 7%.
Intel Corp. (NASDAQ:INTC) delivered an outlier month, with its shares doubling in April in one of the strongest months in the company's 55-year history.
Micron Technology Inc. (NASDAQ:MU) climbed 53% in April, and Advanced Micro Devices Inc. (NASDAQ:AMD) jumped 74% over the same stretch.
The Silent Winners
MaxLinear
MaxLinear Inc. (NASDAQ:MXL) soared to a four-year high after its strong Q2 results, which exceeded analyst expectations with adjusted earnings of 22 cents per share and revenue of $137.19 million. The stock jumped 340% in April.
The company, led by CEO Kishore Seendripu, attributed this growth to strong demand in optical data center connectivity, particularly from hyperscale customers involved in AI platforms, setting the stage for a multi-year growth phase.
Benzinga Edge Stock Rankings indicate that MXL has a Momentum score in the 100th percentile with a strong price trend in the short, medium and long term.
Aehr Test Systems
Aehr Test Systems (NASDAQ:AEHR) gained about 200% in April, buoyed by AI demand strength. The company received a record $41 million production order from a lead hyperscale AI customer. With this order, Aehr has now booked over $92 million in orders in the second half of this fiscal year.
Benzinga Edge Stock Rankings indicate that AEHR has a Momentum score in the 100th percentile with a strong price trend in the short, medium and long term.
Apellis Pharmaceuticals
Apellis Pharmaceuticals Inc. (NASDAQ:APLS) surged about 140% in April. Most of the gains came from the Biogen Inc. (NASDAQ:BIIB) takeover deal for $5.6 billion in cash. Apellis shareholders are set to receive $41 per share, a roughly 140% premium, plus up to $4 per share in milestone payments if Apellis’ drug Syfovre hits global annual sales of $1.5 billion to $2 billion between 2027 and 2030.
Benzinga Edge Stock Rankings indicate that APLS has a Momentum score in the 94th percentile with a strong price trend in the short, medium and long term.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: JHVEPhoto via Shuttesstock
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