Nasdaq's 100% Surge in Three Years Sparks Comparisons to Gambling Amid Market Frenzy

The Nasdaq Composite Index has surged 100% since May 1, 2023, despite a significant downturn during the Liberation Day selloff on April 8, 2025. Over the same period, the S&P 500 increased by 71%, while the U.S. economy grew by 15% in nominal terms. Recently, the Nasdaq achieved a 13-day winning streak, its longest since 1992, climbing 17.7% during that span. Since the April 2025 low, the index has risen 60%, with the S&P 500 gaining 43%. A Wall Street Journal article highlighted the blurring line between investing and gambling, noting similar patterns during the Dotcom Bubble when the Nasdaq fell 78% from March 2000 to October 2002. Cryptocurrencies, described as inherently speculative, have seen Bitcoin drop 38% from its October peak. The stock of Allbirds, once valued at $4 billion after its November 2021 IPO, plummeted 99.5% before rebounding 890% on news of a pivot to AI infrastructure, though it later lost over half of that gain. Market participants appear driven by speculative enthusiasm rather than fundamentals.