Buy 5 Non-Tech Nasdaq Stocks for 2026 That Helped It Surge in 2025

An AI-driven rally has propelled the Nasdaq—up 43.4% in 2023, 28.6% in 2024 and ~20% YTD—while Zacks highlights five non-tech Nasdaq stocks with Zacks Rank #1: Monster (MNST), Expedia (EXPE), Five Below (FIVE), Fox (FOXA) and Royal Gold (RGLD). Key company datapoints: MNST saw Monster Energy sales +16% (Q3 2025, FX-adjusted) with next‑year revenue/earnings growth expected at 9.4%/13.2% and EPS estimates +4.7% over 60 days; EXPE next‑year revenue/earnings +6.3%/+20.8% (estimates +3.2%); FIVE raised FY25 sales guide to $4.62–$4.65bn and expects next‑year rev/eps growth of 8.6%/5.6%; FOXA reported Q1 fiscal 2026 adj. EPS $1.51, revenues +4.9% and ad revenue +6% (cash $4.4bn, $1.5bn buybacks) but negative growth guide (-1.3% rev, -7.7% EPS); RGLD expects next‑year rev/eps growth of 28.8%/48% with earnings estimate upgrades +17.3% (30 days).

Analysis

Market structure: The winners are consumer-staples-like growth names (MNST), travel platforms (EXPE) and commodity-linked streaming/mining financiers (RGLD) that benefit from steady demand or commodity tailwinds; marginal winners include FIVE for dollar-store share gains. Losers are high fixed-cost media/streaming incumbents if advertising weakens or rights costs spike (FOXA is a mixed case). The AI-driven tech rally concentrates risk in growth indices, increasing correlation across cyclical consumer names and elevating equity beta.

Risk assessment: Tail risks include a macro slowdown (US GDP growth <1% YoY) that would compress retail/travel volumes, a >100bp Fed-hike surprise that re-rates growth, and a >10% gold correction hitting RGLD EPS. Immediate (days) risk: event volatility (Super Bowl, CPI). Short-term (weeks/months): earnings surprises and summer travel cadence. Long-term: secular consumer shifts and streaming rights inflation.

Trade implications: Favor overweight in RGLD and MNST for margin resiliency and commodity optionality, tactically overweight EXPE into seasonal travel windows; use capped option spreads to control risk. Pair trades: long FIVE vs short broad retail (XRT) to express dollar-store share gains. Cross-asset: expect modest downward pressure on Treasuries if risk-on continues; use gold/RGLD as asymmetric hedge.

Contrarian angles: Consensus underestimates sensitivity of these names to a demand shock and the concentration risk from the AI rally; RGLD upside is conditional on continued gold strength — a 10% gold pullback would materially cut next-year EPS. FOXA’s advertising beat is timing-dependent; rights-cost inflation could reverse gains. Market may be underpricing the probability of a short, sharp rotation out of tech into cyclical value.

Key Decisions for Investors

• Establish a 2.0–3.0% long position in RGLD within 10 trading days; add another 1% if gold > $2,100/oz or Zacks EPS revisions remain >+15% over 30 days. Hard stop at -12% or trim if gold falls >10% from entry.
• Build a 2.0% core long in MNST as a margin-resilient consumer play; finance with a 0.5% short position in a high-beta consumer discretionary ETF if MNST rallies >8% in 30 days. Hedge initial position with 30–60 day 8–12% OTM put spreads sized at 20% of notional.
• Tactical event trade: Take a 1.0% position in FOXA 4–6 weeks before Super Bowl LIX using a long call spread (expiring 6 weeks post-event) to capture ad-revenue upside; exit one week after the event or on guidance cut (>5% rev/EBIT warning).
• Pair trade: Go long FIVE 1.5% and short XRT 1.0% to capture dollar-store outperformance versus broad retail over the next 3–9 months; if FIVE outperforms by >12% within 90 days, trim longs by 50% and add protective puts on remaining exposure.