A complete breakdown of the Invesco QQQ Trust’s largest holdings by index weight
What Are the Top QQQ ETF Holdings by Weight?
The Invesco QQQ Trust (QQQ) tracks the Nasdaq-100 index — a benchmark of the 100 largest non-financial companies listed on the Nasdaq Stock Exchange. As of May 2026, QQQ remains one of the most widely traded ETFs in the world, with over $435 billion in assets under management.
The ETF is market-cap weighted, meaning larger companies occupy a greater share of the fund. The top 25 holdings listed here account for the majority of QQQ’s total weight — and by extension, the majority of its price movement. Understanding these holdings gives investors a clear picture of where QQQ’s performance actually comes from.
All index weights reflect the Nasdaq-100 composition as of May 2026. Weights are approximate and subject to change at quarterly rebalancing and annual reconstitution. Source: Nasdaq Global Indexes / Invesco.
Top 25 QQQ Holdings by Weight — May 2026
Rank
Company
Ticker
Weight
Sector / Theme
1
NVIDIA
NVDA
8.69%
Technology — AI / GPUs
2
Apple
AAPL
7.14%
Technology — Consumer Devices
3
Microsoft
MSFT
5.28%
Technology — Cloud / Enterprise AI
4
Amazon
AMZN
4.92%
Consumer Disc. — E-Commerce / Cloud
5
Alphabet (Class A)
GOOGL
3.92%
Communication — Search / AI
6
Alphabet (Class C)
GOOG
3.63%
Communication — Search / AI
7
Tesla
TSLA
3.48%
Consumer Disc. — EV / Energy
8
Micron Technology
MU
3.40%
Technology — Memory Chips
9
Broadcom
AVGO
3.31%
Technology — Semiconductors
10
Advanced Micro Devices
AMD
3.11%
Technology — Semiconductors
11
Meta Platforms
META
3.08%
Communication — Social Media / AI
12
Walmart
WMT
2.97%
Consumer Staples — Retail
13
Intel
INTC
2.56%
Technology — Semiconductors
14
Costco Wholesale
COST
2.10%
Consumer Staples — Membership Retail
15
Netflix
NFLX
1.74%
Communication — Streaming
16
Cisco Systems
CSCO
1.70%
Technology — Networking
17
Lam Research
LRCX
1.67%
Technology — Chip Equipment
18
Applied Materials
AMAT
1.52%
Technology — Chip Equipment
19
Palantir Technologies
PLTR
1.47%
Technology — AI / Data Analytics
20
Texas Instruments
TXN
1.21%
Technology — Analog Chips
21
KLA Corporation
KLAC
1.08%
Technology — Chip Equipment
22
Linde
LIN
1.07%
Industrials — Industrial Gases
23
QUALCOMM
QCOM
1.01%
Technology — Mobile Chips
24
T-Mobile US
TMUS
1.00%
Communication — Telecom
25
PepsiCo
PEP
1.00%
Consumer Staples — Beverages / Snacks
💡 Key Observation
The top 5 holdings alone — NVDA, AAPL, MSFT, AMZN, and GOOGL — account for approximately 30.95% of the entire QQQ ETF. This concentration means QQQ’s performance is heavily tied to the fortunes of a handful of mega-cap technology companies.Holdings ranked #1–#5 are highlighted in the table above.
Sector Breakdown of the Top 25 Holdings
The top 25 QQQ holdings span five primary sectors, though technology dominates overwhelmingly:
NVIDIA is the largest QQQ holding and the world’s dominant supplier of GPUs for AI training and inference. Its H100 and Blackwell-series chips power virtually every major AI data centre globally. NVIDIA’s CUDA software ecosystem creates deep switching costs for AI developers. In fiscal 2026, NVIDIA reported $57 billion in revenue with data centre sales up 66% year over year.
Apple is the second-largest QQQ holding and the world’s most valuable consumer technology franchise. Its 2.4 billion active iOS devices generate recurring revenue through the App Store, Apple Music, iCloud, and Apple Pay. Its Services segment now exceeds $100 billion in annual revenue. Apple Intelligence — its on-device AI strategy — is expected to drive an iPhone upgrade supercycle.
🥉 #3 MSFT — Microsoft · 5.28% · Technology — Cloud / Enterprise AI
Microsoft’s $13 billion investment in OpenAI gives it exclusive access to GPT technology, embedded across Azure, Office 365, and GitHub Copilot. Azure is growing revenue at over 30% annually. Microsoft 365 Copilot is one of the fastest enterprise software upsell opportunities in history. Microsoft is the most diversified AI play in the Nasdaq-100.
Amazon Web Services (AWS) is the world’s largest cloud platform by market share, growing at over 20% annually. AWS profits subsidise Amazon’s e-commerce and logistics operations. Amazon’s advertising business is now the world’s third-largest by revenue. Its investment in Anthropic adds another AI infrastructure angle to an already diversified business.
#5 GOOGL — Alphabet (Class A) · 3.92% · Communication — Search / AI
Alphabet controls roughly 90% of global search traffic and owns YouTube, the world’s second-largest search engine. Google Cloud is growing at over 25% annually. Alphabet trades at a discount to most Magnificent Seven peers, making it one of the most attractively valued large-cap tech names in QQQ. Class A shares carry voting rights.
#6 GOOG — Alphabet (Class C) · 3.63% · Communication — Search / AI
Alphabet Class C shares represent the same underlying business as GOOGL but carry no voting rights. For long-term investors, GOOG and GOOGL are functionally equivalent. Both appear separately in the Nasdaq-100 due to their independent market capitalisations. Combined, the two Alphabet share classes account for approximately 7.55% of QQQ.
#7 TSLA — Tesla · 3.48% · Consumer Disc. — EV / Energy
Tesla is the world’s most recognised electric vehicle brand, operating its own global direct-sales and charging infrastructure networks. It faces increasing competition from Chinese EV manufacturers. The long-term bull case rests on Robotaxi and Full Self-Driving revenue materialising at scale. Near-term revenue growth has moderated significantly from prior years.
Micron is the only major US manufacturer of DRAM and NAND flash memory. AI data centres require vast amounts of high-bandwidth memory (HBM), and Micron is a leading HBM supplier to NVIDIA and AMD. Micron was one of the Nasdaq-100’s top performers in 2025, rising over 140% as the AI memory demand cycle accelerated.
Broadcom designs custom AI chips (XPUs) for Google, Meta, and other hyperscalers, and its networking chips connect AI GPU clusters at scale. Its acquisition of VMware added a large enterprise software business. The majority of Broadcom’s revenue now comes from AI infrastructure. It is one of the most underappreciated mega-cap AI plays in QQQ.
AMD’s Ryzen CPUs are market leaders in gaming and workstation computing. Its MI-series AI accelerators are being adopted by hyperscalers as a cost-effective alternative to NVIDIA’s GPUs. AMD has also taken significant CPU market share from Intel in data centre servers. CEO Lisa Su is widely regarded as one of the best operators in the semiconductor industry.
#11 META — Meta Platforms · 3.08% · Communication — Social Media / AI
Meta controls Facebook, Instagram, WhatsApp, and Threads. Its AI-powered ad targeting system is a primary revenue driver, while its open-source Llama models and in-house MTIA AI chips position it as an AI infrastructure player. Meta’s 2023–2026 earnings recovery has been one of the most dramatic corporate turnarounds in recent business history.
Walmart is the world’s largest retailer by revenue. Its US e-commerce operation is growing at double-digit rates. The Walmart Connect advertising business is a high-margin, fast-growing revenue stream. The acquisition of Vizio adds a connected TV advertising platform. Walmart’s scale gives it pricing and supply chain advantages that are structurally difficult to replicate.
Intel is executing a multi-year foundry strategy, rebuilding US semiconductor manufacturing capacity with support from the CHIPS Act. It has lost CPU market share to AMD and GPU market share to NVIDIA over the past decade. The turnaround is real but carries execution risk. Intel was the Nasdaq-100’s top-performing stock in August 2025 following a US government financing deal.
Costco’s membership model generates a predictable recurring revenue base with over 90% annual renewal rates. The company earns thin margins on products and makes its profit primarily from membership fees — a model that insulates it from conventional retail competition. A recent membership fee increase is a direct near-term earnings catalyst.
#15 NFLX — Netflix · 1.74% · Communication — Streaming
Netflix has over 300 million global subscribers and is building a high-margin advertising revenue stream on top of its subscription base. The password-sharing crackdown successfully converted freeloaders into paying customers. Its content moat — built through years of original global programming investment — remains difficult for competitors to replicate at scale.
Cisco’s routers and switches form the backbone of enterprise and data centre networking globally. The company is transitioning from a hardware business to software and subscriptions, anchored by its $28 billion acquisition of Splunk. Cisco generates steady cash flows and pays a 3%+ dividend, making it a defensive holding within the growth-oriented Nasdaq-100.
Lam Research supplies etch and deposition equipment to semiconductor fabrication facilities worldwide, with strong exposure to DRAM and NAND memory production. As AI demand drives investment in memory bandwidth, Lam is a direct picks-and-shovels beneficiary. It operates in an oligopolistic market alongside Applied Materials and KLA, with very high customer switching costs.
Applied Materials is the world’s largest semiconductor equipment company by revenue. Its tools are used to deposit, etch, and inspect materials at the atomic level in every major chip fab globally. Advanced AI chip architectures require increasingly precise — and expensive — equipment, making AMAT a structural beneficiary of the AI-driven chip investment cycle.
#19 PLTR — Palantir Technologies · 1.47% · Technology — AI / Data Analytics
Palantir’s AI Platform (AIP) is used by US government agencies and large enterprises for data analytics and AI-driven decision-making. The company has been one of the Nasdaq-100’s standout performers in recent years. Government contracts provide a sticky, high-margin revenue base. Palantir’s valuation premium is among the highest in the index, reflecting high growth expectations.
Texas Instruments is the world’s largest maker of analog semiconductors — chips that interface between real-world signals and digital systems. Analog chips rarely become obsolete, giving TI an unusually long product lifecycle. TI is currently in a heavy capital expenditure cycle expanding US manufacturing capacity, which is temporarily suppressing free cash flow while strengthening its long-term competitive position.
KLA makes inspection and measurement equipment that detects defects in semiconductor wafers during manufacturing. As chip geometries shrink toward 2nm and below, yield management becomes exponentially more critical — and more valuable. KLA operates alongside AMAT and LRCX in a highly concentrated equipment market where customer switching costs are prohibitively high.
Linde is the global leader in industrial gases, supplying oxygen, nitrogen, hydrogen, and specialty gases to healthcare, electronics, energy, and manufacturing customers under long-term supply contracts. It is the only non-technology company in the top 25 by this categorisation. Linde’s margins and return on capital are exceptional relative to its industrial peers.
QUALCOMM’s Snapdragon chips power the majority of Android smartphones, and its modem technology is integrated into Apple’s iPhones. The company is diversifying into automotive, IoT, and PC chip markets to reduce its dependence on smartphone cycles. QUALCOMM trades at a modest valuation relative to semiconductor peers, reflecting the market’s cautious view of its smartphone dependency.
#24 TMUS — T-Mobile US · 1.00% · Communication — Telecom
T-Mobile is the most aggressive US wireless carrier, having disrupted the market with its Un-carrier strategy and leading the industry in 5G network deployment. The business generates strong free cash flow and is returning capital through share buybacks. As a telecom business, T-Mobile’s revenue growth is steady but structurally slower than the technology companies above it on this list.
PepsiCo is one of the world’s most recognised consumer brands, with products sold in over 200 countries. Its inclusion in the Nasdaq-100 reflects its market capitalisation rather than its technology exposure. PepsiCo pays a consistent and growing dividend, offering income characteristics that contrast with most other QQQ holdings. It faces headwinds from changing consumer health preferences and the GLP-1 weight-loss drug trend.
Related Reading
If you found this breakdown useful, you may also want to explore how these holdings compare against the broader US market. Our article on the top 30 S&P 500 stocks to buy covers the best-ranked names across all 11 sectors of the S&P 500 — many of which overlap with QQQ but with greater sector diversification.
For practical guidance on gaining exposure to the Nasdaq-100 through ETFs or feeder funds, see our complete guide on how to invest in the Nasdaq-100.
Frequently Asked Questions: QQQ ETF Holdings by Weight
What are the top 5 holdings of QQQ?
As of May 2026, the top 5 QQQ holdings by weight are NVIDIA (8.69%), Apple (7.14%), Microsoft (5.28%), Amazon (4.92%), and Alphabet Class A (3.92%). These five stocks together account for approximately 30.95% of the entire fund.
How often does QQQ rebalance its holdings?
QQQ rebalances quarterly and undergoes an annual reconstitution each December. Quarterly rebalancing adjusts the weights of existing holdings; the annual reconstitution can add or remove companies from the index entirely based on market capitalisation.
Why does Alphabet appear twice in QQQ?
Alphabet has two publicly traded share classes — GOOGL (Class A, with voting rights) and GOOG (Class C, without voting rights). Both are independently listed on the Nasdaq and have their own market capitalisations, so both appear separately in the Nasdaq-100 and QQQ.
Is QQQ a good long-term investment?
QQQ has historically delivered strong long-term returns, outperforming the S&P 500 over most 10-year rolling periods. However, it is heavily concentrated in technology and growth stocks, making it more volatile than broader market ETFs. It is generally suited to investors with a long time horizon and tolerance for drawdowns.
What is the expense ratio of QQQ?
The Invesco QQQ Trust (QQQ) has an expense ratio of 0.20%. Its sister fund, the Invesco Nasdaq-100 ETF (QQQM), has a lower expense ratio of 0.15% and is generally better suited for long-term buy-and-hold investors. Both track the same Nasdaq-100 index.
How concentrated is QQQ in its top holdings?
QQQ is highly concentrated. The top 10 holdings account for approximately 47–50% of the fund’s total weight. This concentration means the ETF’s performance is significantly influenced by a small number of mega-cap companies — primarily NVIDIA, Apple, Microsoft, and Alphabet.
Does QQQ pay dividends?
Yes, QQQ distributes dividends, but the yield is very low — typically below 0.5% annually. Most companies in the Nasdaq-100 prioritise reinvestment and buybacks over dividends. Investors seeking income should consider dividend-focused ETFs rather than QQQ as a primary vehicle.
What is the difference between QQQ and QQQM?
QQQ and QQQM track the same Nasdaq-100 index with the same holdings. The main differences are expense ratio (QQQ: 0.20%, QQQM: 0.15%) and liquidity (QQQ has significantly higher daily trading volume). Traders and institutions prefer QQQ for liquidity; long-term investors typically prefer QQQM for the lower cost.
Is the Nasdaq-100 the same as the Nasdaq Composite?
No. The Nasdaq Composite includes all companies listed on the Nasdaq exchange — over 3,000 stocks. The Nasdaq-100 is a subset of only 100 of the largest non-financial companies on the Nasdaq. QQQ tracks the Nasdaq-100, not the Nasdaq Composite.
How does the QQQ compare to the S&P 500?
QQQ is more technology-concentrated and generally more volatile than the S&P 500. Over the past decade, QQQ has delivered higher returns than the S&P 500 in most periods, but it also experienced steeper drawdowns during market corrections (e.g., the 2022 tech selloff). For a side-by-side comparison of top holdings across both indices, see our article on the top 30 S&P 500 stocks to buy.
Summary
The top 25 QQQ holdings by weight represent a concentrated slice of the world’s most influential technology and consumer companies. NVIDIA, Apple, Microsoft, Amazon, and Alphabet alone account for nearly a third of the fund — making QQQ’s performance inseparable from the performance of these five names.
For investors considering QQQ, understanding this concentration is essential. It is a high-conviction bet on the continued dominance of US mega-cap technology, with meaningful exposure to artificial intelligence, cloud computing, semiconductors, and consumer internet.To learn how to access the Nasdaq-100 through ETFs, feeder funds, or direct stock purchases, visit our guide on how to invest in the Nasdaq-100.
