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Tech fund XLK outperforms S&P 500 with 34% gain driven by NVIDIA and Apple amid AI boom

Market News
06 Jun 2026
24/7 Wall Street
View Source
Bullish
pluang ai news

The Technology Select Sector SPDR Fund (XLK) surged 34% in five months, outperforming the S&P 500's 11% gain, largely due to heavy concentration in NVIDIA and Apple, which together make up over 28% of the fund. NVIDIA's explosive AI-driven revenue growth and Apple's steady sales and services expansion have propelled XLK's returns. The fund benefits from strong AI infrastructure spending and share buybacks by these tech giants. Future performance depends on continued hyperscaler capital expenditure, stable China market conditions, and Apple's consistent growth.

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