Famed investor Michael Burry is sounding the alarm about the current tech rally, noting that top-performing Nasdaq 100 stocks are outpacing the astronomical gains seen at the peak of the dot-com bubble.

‘Party Like It’s 1999’

In a pos ton X on Wednesday, sharing data from BTIG and Bloomberg, “The Big Short” investor pointed out the staggering performance of SanDisk Corp. (NASDAQ:SNDK) compared to historic market leaders.

During the late 1990s tech boom, Qualcomm Inc. (NASDAQ:QCOM) was the ultimate high-flyer, boasting a peak rolling 52-week return of 2,620%.

Today, SNDK has dwarfed that milestone, skyrocketing an unprecedented 3,960% between May 2025 and May 2026. Referencing the data, Burry noted that “SNDK is beating that by 1300bps.”

Ironically, he also pointed out that SNDK was the second-best performing stock back in 1999, rising 581% at the time.

Great commentary yet again from BTIG's Jonathan Krinsky
•Party Like It's 1999. In 1999, the best performing Nasdaq 100 stock was Qualcomm (QCOM, not rated), up 2600%. The best rolling 52-wk return for QCOM during the entire dot-com bubble was 2600%, so SNDK is beating that by… pic.twitter.com/QOap7udH6S

— Cassandra Unchained (@michaeljburry) May 6, 2026

‘More Extreme’ Environment

The historic outperformance isn’t limited to a single stock. Burry characterizes the broader top-tier tech surge as a “more extreme” environment than the late 90s.

According to the shared data, the top 10 performing Nasdaq 100 stocks in 1999 averaged a 559% return, which later rose to 622% in the year leading up to March 2000.

In stark contrast, the top 10 names over the past year boast an average gain of 784%. Burry emphasized that this modern cohort is comfortably “beating both the dot-com periods.”

Underlying Skepticism

While the numbers paint a picture of unprecedented market momentum, they also invite skepticism regarding valuations and corporate practices. Market observers reacting to Burry's post flagged potential concerns, with one user characterizing SNDK’s recent first-quarter 2026 financial reporting as a “borderline” stunt.

As the Nasdaq continues its breakneck ascent, Burry's commentary serves as a stark reminder of historical market peaks and the potential fragility of record-breaking rallies.

How Have SNDK And QCOM Performed In 2026?

Shares of SNDK have risen by 493.98% year-to-date, while the Nasdaq Composite has advanced by 11.20% over the same period. It closed 0.26% higher on Wednesday at $1,409.98 apiece.

Over the last month, SNDK was up 94.58% and 578.89% over the last six months. Benzinga’s Edge Stock Rankings indicate that SNDK maintains a strong price trend in the short, medium, and long terms, with a poor value score.

Shares of QCOM have advanced by 12.58% year-to-date, while the Nasdaq Composite has advanced by 11.20% over the same period. It closed 3.27% higher on Wednesday at $192.57 apiece.

Over the last month, QCOM was up 53.16% and higher by 11.18% over the last six months. Benzinga’s Edge Stock Rankings indicate that QCOM maintains a strong price trend in the short, medium, and long terms, with a good quality score.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: jejim from Shutterstock