In this piece, we discuss the list: Sizzling Returns: 7 Tech Stocks That Just Hit New All-Time Highs.
According to recent reports, technology markets have been extending a powerful rally recently, with the Nasdaq Index up around 5.5% since the start of May. That renewed investor confidence in the sector came on the back of the semiconductor industry’s historic surge in April. The strong semiconductor momentum propelled the broader tech sector into new all-time high territory.
That rise represents a sharp reversal from a 6.3% decline in March in the Nasdaq’s PHLX Semiconductor Sector Index. The index, tracking the 30 largest U.S.-traded chip companies, soared 55.2% from the start of April through the May 8 close.
That shift in sentiment came as investors aggressively rotated back into the sector, banking on semiconductor plays amid positive demand signals. Investor focus remained concentrated around leading hardware and platform franchises as well, helping major industry names like Intel and Apple lead the rally.
That strong momentum across semiconductor equities also drove broader indices, as investors turned more bullish on large-cap and growth-oriented technology names. Thus, investors appear to be growing in confidence regarding the tech sector, leading us to our list “Sizzling Returns: 7 Tech Stocks That Just Hit New All-Time Highs.”
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Our Methodology
To curate our list on this topic, we relied on the stock screener to identify stocks with a market capitalization above $2 billion and that hit their all-time high on May 1, 2026. Finally, we ranked those stocks by their year-to-date gains as of the same date. Our list is ranked in ascending order by year-to-date performance.
Note: All data sourced on May 8, 2026.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
7. Lumentum Holdings Inc. (NASDAQ:LITE)
Having reached its all-time high of $978.35 on May 1, 2026, Lumentum Holdings Inc. (NASDAQ:LITE) secured a spot on our list “Sizzling returns: 7 tech stocks that just hit new all-time highs”. The stock has gained 145.20% so far in 2026 as of May 8, 2026.
After rising 1,276.48% over the past year as of May 8, 2026, Lumentum Holdings Inc. (NASDAQ:LITE) trades near an all-time high, compared with an 85% gain for the broader communication equipment industry over the same period.
That surge, driven by the AI infrastructure boom, gained fresh momentum on May 5, 2026, when the company reported strong fiscal Q3 2026 results.
Following the results, analysts at Barclays expressed greater confidence that the company can achieve its $ 25-per-share EPS target by 2027. Meanwhile, Jefferies described the results as solid, emphasizing that the business is starting to improve significantly, with margins finally inflecting.
The company’s net revenue for the quarter came in at $808.4 million, marking a significant increase from $665.5 million. Non-GAAP gross margin rose from 42.5% in Q2 2026 to 47.9% in Q3 2026. The company posted non-GAAP EPS of $2.37, up from $1.67 in Q2 2026 and $0.57 in Q3 2025.
As of May 7, 2026, Barclays maintained an “Equal Weight” rating, while Jefferies reiterated its “Buy” rating on the stock. Following the results, Barclays raised its price target on the stock from $750 to $1,000, while Jefferies increased its price target from $900 to $1,200.
Meanwhile, the fundamental narrative had already been strengthening following a series of earlier developments.
In mid-March, Lumentum Holdings Inc. (NASDAQ:LITE) presented its comprehensive AI infrastructure portfolio at OFC 2026, which included an 800 mW Super-High-Power laser, a 1.6T DR4 OSFP transceiver prototype, and a 16-channel DWDM ultra-high-power laser. The products are designed to support the next-generation hyperscale data center connectivity across various architectures.
Following that announcement, Lumentum Holdings Inc. (NASDAQ:LITE) later in March announced the acquisition of a manufacturing facility from Qorvo in Greensboro, North Carolina. The facility will be used to produce InP-based CW and UHP lasers for major AI data center operators, with management planning to invest hundreds of millions of dollars into the facility. Management expects a production ramp by mid-2028, with NVIDIA already among its customers.
Lumentum Holdings Inc. (NASDAQ:LITE) manufactures and sells optical and photonic products globally.
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