QQQ Holdings 2026: Top Companies, AI Exposure and Nasdaq-100 Sector Breakdown

Summary

Invesco QQQ is often associated with U.S. Big Tech, but understanding QQQ holdings requires looking beyond the idea that it is simply a “technology ETF.”

QQQ tracks the Nasdaq-100 Index, which represents 100 of the largest eligible non-financial companies listed on Nasdaq. The portfolio evolves through quarterly rebalancing and annual reconstitution.

As of July 27, 2026, Ondo's QQQon underlying-asset data showed the following QQQ Top 10 holdings:

Together, these ten securities represented approximately 45.9% of the portfolio in that snapshot.

Weights change with stock prices and rebalancing, so this table should be treated as a dated snapshot rather than a permanent portfolio.

Why QQQ Holdings Matter

QQQ is modified market-cap weighted.

That means the largest companies can have much more influence than smaller constituents.

If a stock represents 8% of QQQ, a major move in that company has a much larger impact than an equally large percentage move in a 0.3% holding.

This is why QQQ investors need to understand concentration, not just the number of companies in the index.

NVIDIA: AI Compute Exposure

NVIDIA was the largest holding in Ondo's July 27 QQQ snapshot at 8.31%.

Its importance to QQQ reflects the growth of:

• AI accelerators;
• Data centers;
• AI training;
• AI inference;
• GPU software ecosystems.

A major NVIDIA earnings surprise can therefore materially influence QQQ.

Apple: Consumer Technology and Services

Apple represented 7.78% in the same snapshot.

Its exposure differs from NVIDIA.

Apple's business includes:

• iPhone;
• Mac;
• Wearables;
• Services;
• Consumer-device ecosystems.

This illustrates why QQQ cannot be reduced to one AI theme.

Micron, AMD and Broadcom: Semiconductor Concentration

One of the most notable features of the July 2026 Top 10 was the large semiconductor presence.

Micron:

5.07%

AMD:

4.00%

Broadcom:

3.06%

combined with NVIDIA's 8.31%.

This creates significant exposure to:

• AI servers;
• HBM;
• DRAM;
• NAND;
• CPUs;
• GPUs;
• Networking;
• Custom accelerators.

Invesco's June 2026 review specifically highlighted strong investor attention on AI memory and semiconductor companies.

Microsoft and Amazon: Cloud + AI

Microsoft and Amazon provide another layer of AI exposure through hyperscale cloud computing.

AI demand can affect:

• Azure;
• AWS;
• Data-center capital expenditure;
• Software;
• Enterprise AI adoption.

However, AI infrastructure spending also creates risk if high capital expenditures do not translate into sufficient future revenue.

Alphabet and Meta: AI + Digital Advertising

Alphabet appears twice in the Top 10 because multiple Alphabet share classes are included.

In the July 27 snapshot:

• GOOGL: 3.05%
• GOOG: 2.86%

Combined economic exposure was therefore approximately 5.91%.

Meta added another 2.95%.

These businesses combine AI development with:

• Advertising;
• Search;
• Social media;
• Cloud;
• Consumer platforms.

Is QQQ an AI ETF?

No.

QQQ does not select companies based on whether they are AI businesses.

It follows Nasdaq-100 methodology.

AI exposure is therefore an outcome of the portfolio, not the official investment mandate.

This distinction matters because future index membership can change even if the AI narrative remains strong.

How Technology-Heavy Is QQQ?

Invesco's June 2026 monthly review said QQQ's average Technology weight during that month was approximately 67.29%, compared with 44.36% for the S&P 500 under Invesco's sector classification used in that report.

Sector weights move over time, but the figure illustrates why QQQ is considered strongly technology-oriented.

Invesco nevertheless emphasizes that QQQ includes companies from multiple sectors and is more than just a tech fund.

What Other Sectors Does QQQ Include?

Beyond technology, Nasdaq-100 exposure can include:

• Communication Services;
• Consumer Discretionary;
• Health Care;
• Industrials;
• Consumer Staples;
• Utilities.

This can provide more variety than a pure semiconductor or software ETF.

But sector diversification remains less broad than a broad-market benchmark such as the S&P 500.

What Changed in the Nasdaq-100 in June 2026?

The first quarterly review under Nasdaq's new 2026 methodology resulted in five additions:

• Astera Labs;
• CoreWeave;
• Nebius;
• Rocket Lab;
• Teradyne.

Five companies were removed at the same time.

The new framework allows more structured quarterly constituent review and reflects changes to eligibility and ranking rules.

Why New Entrants Matter for QQQ

New companies can shift exposure toward emerging areas.

For example:

• CoreWeave adds AI cloud infrastructure;
• Astera Labs adds connectivity for AI/data centers;
• Nebius adds AI infrastructure;
• Rocket Lab adds space and defense;
• Teradyne adds semiconductor testing and automation.

This shows how QQQ can evolve as the Nasdaq market changes.

Does QQQ Hold Exactly 100 Securities?

Not necessarily.

The Nasdaq-100 targets 100 companies, but multiple share classes can cause the ETF to hold more than 100 securities.

This is why Alphabet's two share classes can appear separately.

The “100” refers primarily to constituent companies, not a guarantee of exactly 100 security lines at every moment.

Concentration Risk

The July 27 Top 10 represented roughly 45.9% of the portfolio based on Ondo's underlying QQQ data.

That is significant.

It means QQQ may contain around 100 companies while still being heavily influenced by a much smaller group of mega-cap stocks.

Invesco explicitly classifies QQQ as non-diversified and warns that sector-focused investments can experience greater volatility.

How QQQ Holdings Affect QQQON

QQQON does not independently choose companies.

Its economic chain is:

QQQ holdings

↓

determine much of

QQQ performance

↓

which affects

QQQON

For the tokenized-product structure, read What Is QQQON?.

Eligible users can access QQQON/USDT on MEXC.

FAQ

What are QQQ's largest holdings in 2026?

As of Ondo's July 27 snapshot, the largest included NVIDIA, Apple, Micron, Microsoft, Amazon and AMD.

Is QQQ mostly technology?

Technology is a major part of QQQ, but it is not the only sector.

Is QQQ an AI ETF?

No.

Why are both GOOG and GOOGL in QQQ?

They are separate Alphabet share classes.

Do QQQ holdings change?

Yes. Weights change continuously and index membership is reviewed under Nasdaq's methodology.

Where can I learn more about QQQ itself?

Read What Is Invesco QQQ ETF?.

Risk Disclaimer

Holdings and weights change over time. The information above is based on dated portfolio data and should not be treated as a current recommendation to buy any individual company or QQQON.