Nasdaq Becoming the New Gold? The AI Boom and Market RotationRussell 2000 IndexCBOEFTSE_DLY:RUTsubstantialLea6720Since 2020, the Nasdaq has completely pulled away from the pack. Compared to the S&P 500, Russell 2000, the dollar, and even gold, it’s been the clear leader — fueled by the AI boom and the massive flows into tech giants like NVIDIA, Microsoft, and Meta. While gold used to be the classic safe haven, lately it feels like investors see the Nasdaq as their new store of value. The twist, of course, is that gold doesn’t need earnings to shine, but the Nasdaq does. As long as the AI narrative keeps delivering, it could keep playing this “new gold” role. But if that story cracks, the downside will look very different than a sideways-moving metal.