That run of 11 consecutive Nasdaq gains in April was far more interesting than it looked at first glance. It wasn’t just the index climbing—what revealed what was really happening in the market was the way the big techs (FAANG and co.) behaved.

I was watching closely because the narrative changed quite a bit since March. Back then, everyone was discussing the same thing: “Will the tech giants be back or not?” But that was the wrong question. The real issue was different: which one comes back first, and why?

And look—the chart answered that very clearly. Alphabet, Amazon, Meta, and NVIDIA pulled ahead between late March and mid-April. Then came Microsoft and Apple. Tesla? It fell behind, as always, more dependent on events and statements than on solid fundamentals.

What’s interesting is that each had its own logic. Alphabet regained confidence because advertising cash flow remains steady, and AI in search opens a new growth narrative. NVIDIA? As long as AI is the central theme of the tech cycle, it continues to be the anchor point. And Amazon was the surprise— the market didn’t expect that much, but as cloud margins improved and AI began generating visibly measurable revenue, it entered recovery earlier than many thought.

But the most attention-grabbing point is that this didn’t stop after the first wave. Microsoft, Apple, and Meta—those I had classified as ongoing observation—started recovering too. And that changes everything. If it were just short-term emotion, we’d see that classic pattern: it rises fast, then falls fast, and that’s the end of it. But it didn’t happen that way.

What we saw was something more structured: the index corrects, capital returns to the core assets, and within those assets there’s an internal reclassification. The ones that can sustain valuation with real performance move next. Those that were only following sentiment end up lagging behind. That’s why the FAANG didn’t all rise together—some are already in a clear trend, others are on the way, and Tesla remains a special variable, driven more by events (Robotaxi, autonomous driving, Elon’s tweets) than by stable profits.

From a numbers perspective, BlackRock upgraded US stocks to overweight precisely because corporate earnings—especially in tech—are resilient. Citigroup did the same. The profit projections for the S&P 500 were revised upward. In other words, this adjustment isn’t built on thin air—it’s built on real expectations for earnings.

The macro risk is still there: conflict in the Middle East, pressure on energy prices, and the IMF cutting global growth outlooks. But so far, the market has responded positively, which suggests there is still room for continuation.

The final point is that this Nasdaq streak of 11 days isn’t just a number. It’s the market’s answer to that question everyone was asking in March. And the answer was: no, the seven sisters don’t all come back together. They return in order, with different logics—filtering out those that truly don’t have the fundamentals to keep riding the trend. Anyone who managed to identify that before the move was already one step ahead.