© Sundry Photography / iStock Editorial via Getty Images
With the S&P 500 closing in on the 7,000 mark to start 2026 on the right footing, now seems like a good time to reflect on the big winners from 2025 and ponder whether there’s more gas left in the tank. Undoubtedly, 2026’s list of winners could have the potential to look vastly different than last year’s top gainers. Still, not all of the names are to be viewed as candidates to take big profits in. In this piece, we’ll check out two fast-running tech stocks that might be able to stay strong for the longer, even without the market’s help.
Alphabet
Alphabet (NASDAQ:GOOGL) was the Mag Seven hero last year, with around 65% in gains, standing head and shoulders above its peers in the mega-cap tech cohort. But just because the new year has arrived doesn’t mean shares will cool off as the company’s AI efforts look to pay off. With shares up nearly 5% so far this year, it feels like Alphabet is about to experience another parabolic move higher after dipping a bit in November.
More recently, Cantor Fitzgerald upgraded Alphabet stock while increasing the price target to $370, which suggests another 13% jump to be had. What’s behind the upgrade?
Cantor Fitzgerald analysts see “defining moats” shifting “from model intelligence to practical usefulness,” an area “where Google has a sizeable lead.” I couldn’t agree more. It’s one thing to give a round of applause for hitting high benchmarks relative to rival AI models. But it’s another thing to actually deliver a product that actually vastly improves the lives of users.
While current AI leader ChatGPT isn’t going anywhere, Google Gemini’s user base is growing rapidly. And at this pace, it might be too long before the torch is passed. Either way, Alphabet stands out as a winner with everything it takes to win once again.
And at 29.1 times forward price-to-earnings (P/E), the shares still feel too cheap, given the big Waymo robotaxi rollout and other efforts (perhaps a major robotics innovation could be on the way as Google DeepMind teams up with Boston Dynamics, a firm that stole the show at CES 2026 with its Atlas robot).
Lam Research
Lam Research (NASDAQ:LRCX) stock popped nearly 9% on Friday, as the memory supercycle spread to the semi equipment maker. Undoubtedly, to boost memory chip supply, more machinery will be needed, and Lam Research, as well as other players in the semiconductor equipment scene, have caught a huge wave of momentum. With shares up close to 200% in the past year, though, the name seems overheated and overdue for a big plunge.
With CEO Tim Archer recently selling shares, perhaps it’s time that investors follow suit by ringing the register. While I view Lam Research as well-positioned as the AI chip boom levels up, I can’t say I’m a huge fan of the valuation or the recent parabolic move, which, I think, increases the stakes significantly, even given the timely opportunity ahead.
While Lam Research stock is off to a scorching start to 2026, with an 18% gain in just over a week, the 40.1 times forward price-to-earnings (P/E) multiple seems too frothy. Has the semi equipment maker gotten too hot, too fast? Time will tell, but the red-hot momentum stock won’t be for the faint of heart, as the broader semi scene marches to new highs.