Nasdaq 100 Hits First Record Since June as AI and Chip Stocks Rally

The move signals a rotation back into technology leadership, though whether it reflects durable earnings momentum or anticipation of US-China trade continuity remains unclear pending the outcome...

The Nasdaq 100 closed at a record high on September 22, 2026, its first such level since June, according to Bloomberg Markets. Artificial intelligence and semiconductor stocks led the advance, with equity-index futures for Hong Kong, South Korea, and Australia all pointing higher in after-hours trading, putting a broader gauge of regional shares on course for a sixth consecutive day of gains.

The session's gains were broad but concentrated in the technology sector. Bloomberg's coverage of the closing bell, which featured Qualcomm CFO and COO Akash Palkhiwala among its guests, highlighted chipmakers as the primary engine of the day's move. Qualcomm's specific price movement on the day was not disclosed in the available broadcast summary; the company's most recent quarterly earnings report would be the source needed to assess whether the stock's move was driven by fundamentals.

Falling oil prices provided a secondary tailwind to equities, according to the same Bloomberg Markets Wrap report. The report attributed declining crude prices in part to investor hopes for progress toward ending the war with Iran. The specific magnitude of the oil price decline on September 22 was not detailed in the available source material; the US Energy Information Administration's weekly price series would be the reference needed for that figure.

The technology rally is occurring against a backdrop of active US-China diplomatic engagement. Anna Ashton, co-founder of Ashton Intelligence, said in a September 22 interview on Bloomberg's "Balance of Power" that extending the existing US-China trade truce will likely be a central issue when President Trump meets Chinese President Xi Jinping. As previously reported by The Congressional Times, Chinese President Xi Jinping arrived in the US as Iran war dynamics were already reshaping global energy markets.

Ashton noted that the duration of any trade truce extension matters, citing China's continued leverage through restrictions on rare-earth exports. Rare-earth materials are critical inputs for semiconductor manufacturing, meaning the terms of any truce extension carry direct implications for US chipmakers and, by extension, for the Nasdaq 100's largest components.

Representative Nicole Malliotakis (R-NY), also speaking on Bloomberg's "Balance of Power" on September 22, characterized China as simultaneously a partner and a competitor, particularly in the context of artificial intelligence. She said negotiations over an AI governance framework with Beijing are worthwhile but expressed uncertainty about whether China would adhere to the terms of such a framework. Her comments reflect a legislative posture that is relevant to investors assessing regulatory risk for US technology companies with China exposure.

The AI sector's market performance has become increasingly tied to policy developments in Washington. Federal rules governing chip exports to China, administered by the US Commerce Department's Bureau of Industry and Security, have been a recurring factor in chipmaker earnings guidance. The Commerce Department's most recent update to the Entity List and export control framework would be the relevant public record for investors tracking that regulatory variable.

Partners Group Chief Investment Strategist Anastasia Amoroso appeared on Bloomberg's closing bell coverage on September 22 but her specific commentary on equity valuation or sector allocation was not available in the source summary. Her firm's published outlooks and any filed regulatory disclosures would be the appropriate sources for attributing a specific investment thesis.

The Nasdaq 100's June peak, which the index had failed to reclaim for approximately three months before Tuesday's session, was reached amid a separate set of macro conditions. The index's price-to-earnings ratio as of September 22 was not available in the source material reviewed; the Nasdaq's published index data and constituent earnings reports would provide that figure.

For US investors, the convergence of the technology rally, the Trump-Xi meeting, and the status of the US-China trade truce creates a near-term event risk that is difficult to price without knowing the duration and scope of any agreement. What would clarify the outlook: a formal joint statement from the Trump-Xi summit specifying the length of any trade truce extension and whether rare-earth export restrictions are included in the terms.