The tech-heavy 'QQQ' is near a new record. Here are the stocks that analysts see taking it over the top

While the Nasdaq-100 has been driven by a handful of tech stocks like Palantir (up 87% YTD) and Zscaler (up 69% YTD), analysts anticipate broader gains within the index. AppLovin, Warner Bros. Discovery, and Charter Communications are identified as potential drivers, with upside potential of 31%, 25%, and 19% respectively, based on analyst consensus price targets; catalysts include AppLovin's potential sale of its apps segment, Warner Bros. Discovery's planned split into two publicly-traded companies, and Charter's proposed merger with Cox Communications.

Analysis

The Nasdaq-100 (QQQ) has approached its all-time high, primarily propelled by substantial year-to-date gains in a concentrated group of technology stocks such as Palantir Technologies (PLTR, +87%) and Zscaler (ZS, +69%). However, current analyst consensus, supported by a strongly positive general sentiment score of 0.75, suggests that future appreciation in the index may stem from a more diversified set of constituents. Among these, AppLovin (APP) is highlighted with a nearly 31% potential upside to its consensus 12-month price target, having already rallied 15% this year; catalysts include Morgan Stanley's bullish view (PT raised to $460) on its plan to sell its apps segment and Citigroup's expectation of accelerated eCommerce revenues from new self-serve tools. Warner Bros. Discovery (WBD), up a modest 2% year-to-date, is projected by analysts to rally an additional 25%, largely driven by its recently announced plan to split into two publicly-traded entities, though the stock saw a 3% decline on the day of the announcement after an initial jump. Charter Communications (CHTR), which has gained 10% in 2025, is anticipated by Wall Street to rise a further 19% based on consensus price targets; this optimism is reinforced by Loop Capital's upgraded price target to $510 (a 36% upside from the then-current price) primarily due to its proposed accretive merger with Cox Communications and early traction from its "Life Unlimited" rebrand. Other companies like DexCom and Electronic Arts are also noted as potential contributors to broader index strength, indicating a potential shift in market leadership within the QQQ.

Key Decisions for Investors

• Investors should consider broadening QQQ exposure beyond the handful of top-performing tech stocks by evaluating companies like AppLovin, Warner Bros. Discovery, and Charter Communications, which exhibit specific, analyst-backed catalysts for potential growth.
• AppLovin (APP) merits close attention due to its significant 31% consensus upside potential, strong positive sentiment (0.9), and identifiable catalysts such as a potential segment sale and new revenue-driving tools, while also considering its 'black box' perception among some investors.
• Closely monitor Warner Bros. Discovery's (WBD) planned corporate restructuring into two separate entities, as analysts anticipate a 25% potential upside from this strategic move, despite a modest year-to-date stock performance and mixed initial market reaction to the split announcement.
• Charter Communications (CHTR) presents a noteworthy opportunity, given its proposed value-accretive merger with Cox Communications and positive early indicators from its "Life Unlimited" strategy, with analysts forecasting a 19% consensus upside and specific upgrades suggesting even higher potential.