August is about to end, and Wall Street is heading toward the month’s final session with the Nasdaq near record highs, driven by Nvidia’s surge. The question is who has supported the index this year: the seven giants or the rest of the market? The same question applies to tokenized stocks (RWA), which are growing, although we can say immediately that their ranking is far removed from that of Wall Street and its giants.

The Nasdaq 100 Heads into August’s Final Session Up 3.01%

The Nasdaq 100 is on track to close August up 3% at the time of writing, with the market still open. The chart shows a monthly high of approximately +4.6% on August 13 and a low of approximately +0.9% on August 24, with the recovery concentrated in the last three sessions. Since the start of 2026, the Nasdaq is up 17.60%, with the annual high at approximately +22%, reached in mid-June at the future’s ATH of 30,975. The S&P 500 is up 1.72% for the month and 12.72% since January, moving within a narrower range. The rally in the last few sessions came while Treasury yields remained near their highs, an issue weighing on Jackson Hole today.

The Magnificent 7 Supported the Nasdaq in August, but Not in 2026

To understand who contributed to the rally, let’s start with the Magnificent 7—Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia and Tesla—which are up 2.78% for the month, compared with the Nasdaq 100’s 3.01% gain. They therefore supported the index in August, although at a slightly slower pace. Since the start of 2026, the picture has been reversed: the basket, tracked by the Bloomberg Magnificent 7 index, is up 4.19%, compared with the Nasdaq’s 17.60% gain. The year’s low came at the end of March, at approximately -16%, compared with -9% for the Nasdaq 100.

The basket reached +8% at the end of May and in mid-June, then turned negative in July and at the beginning of August. Within the basket, the differences are enormous, with Nvidia up 20.09%, Apple up 15.55% and Amazon up 10.77% on one side, and Tesla down 22.50% and Meta down 13.83% on the other.

The Nasdaq’s 2026 Rally Is Coming from Semiconductors

The Nasdaq’s rally in 2026 is not coming from the giants but from memory semiconductors. Micron is up 216.95% since the start of the year and Marvell is up 178.36%—figures that none of the seven giants comes close to matching. Microsoft gained 32.62% in the quarter, but is up 4.27% in 2026, while Oracle is down 23.06% since January. Then there was yesterday’s session, when Nvidia closed up 8.74%, adding approximately $500 billion to its market capitalization in a few hours.

With a Magnificent 7 basket worth around $23 trillion, the 2.78% monthly gain corresponds to approximately $630 billion. For the Nasdaq 100, the month’s growth is worth around $1.1 trillion, with just over half coming from the seven. Almost all of the seven giants’ August gains therefore came from Nvidia’s Thursday session.

Tokenized Stocks Do Not Replicate Wall Street

Tokenized stocks are worth $2.59 billion, up 6.05% over thirty days. Monthly transfer volumes rose 396.59% to $29.11 billion. The ranking of the most tokenized stocks, however, does not resemble Wall Street’s.

The tokenized Magnificent 7 consists of just two stocks: Tesla xStock, with $48.4 million, and NVIDIA from Ondo, with $39.1 million, or 3.4% of the total. At the top is Securitize, with $172.6 million and its own shares listed on the NYSE since July 2, followed by Strategy with $137.3 million and Circle with $118.1 million. Next come memory stocks—Micron in two versions, SanDisk and SK Hynix—for approximately $160 million. In tokenization, the stocks that the crypto world chooses to bring on-chain are growing, not the ones driving the index.