Bubbles and Boring Bets: What’s Coming for Tech Stocks in 2026

Investors will remember 2025 as the year the artificial intelligence rally broadened out and the fears became more pronounced — not only of a bubble in the stocks, but also of the disruption the technology represents.

While tech giants like Alphabet Inc. and Nvidia Corp. delivered strong gains, unsung corners of the industry, like memory chips and hard disk drives, proved to be far better places for investors. Meanwhile, the threat of competition from deep-pocketed heavyweights and upstarts like OpenAI and Anthropic weighed on software makers that are considered most at risk from challengers.