NYSE FANG+® Index Hits Record High: AI Capex & Micron Fuel Growth
The index closed at an all-time high after a 22.9% drawdown. Micron did most of the work. Equal weight did the rest.
The Drawdown It Came Back From
The NYSE FANG+® Index closed at 19,648.97 on Wednesday, October 7, 2026, the highest close in its history.1
The index peaked on October 29, 2025, at 17,156.61. From there it fell 22.9%, bottoming at 13,235.31 on March 30, 2026. It spent 130 trading days below that October high before reclaiming it on May 8. A second drawdown followed almost immediately, 11.7% between June 1 and June 25, and took a further 46 trading days to recover.
The index has gained 48.5% from its March low. It now sits 14.5% above the October 2025 peak and is up 24.3% for the year.
Memory, CapEx, and the March Addition of Micron
Memory. Micron Technology contributed roughly 58% of the index’s gain this year, more than the other nine holdings combined.2 The stock is up 281.2% year to date. Micron reported record results for its fiscal third quarter, with revenue of $41.46 billion against $9.30 billion in the same quarter a year earlier.3
The spending behind it. Memory is rallying because the largest cloud providers are spending. Amazon has guided roughly $220 billion of capital expenditure in 2026, Alphabet to $180 to $190 billion, and Meta to $130 to $145 billion. That is more than half a trillion dollars from three companies, before counting Microsoft, which spent $115.9 billion on property and equipment in its 2026 fiscal year and has guided higher for 2027.4
All four are in the index. So are Micron, NVIDIA, and Broadcom, which supply the memory, processors, and networking that spending buys. The index holds both the companies funding the AI buildout and the companies being paid to build it.
A methodology that refreshes itself. Six of the index’s ten positions are fixed. The other four are re-ranked every quarter against published criteria: company size, trading volume, price-to-sales, and sales growth. Reconstitution takes effect after the close of the third Friday of March, June, September, and December. That schedule is how the index came to own Micron for the whole of its recovery from the March low.
Micron joined at the March 20, 2026, reconstitution, replacing CrowdStrike Holdings, ten days before the index reached its low for the year. The quarter before, Palantir Technologies had replaced ServiceNow. Two consecutive reviews, both moving the index toward AI. The next reconstitution takes effect after the close on Friday, December 18, 2026.
What the NYSE FANG+® Index is
The NYSE FANG+® Index holds 10 highly liquid leaders across technology and internet/media. It is equally weighted. Market-cap indices can be run by a few giants; equal weight spreads the bet and is why the index could hit a record with Netflix still down 25.7%.
| Holding | 2026 return |
|---|---|
| Micron Technology | +281.2% |
| NVIDIA | +27.3% |
| Apple | +23.8% |
| Amazon.com | +12.6% |
| Alphabet | +12.0% |
| Microsoft | +9.5% |
| Meta Platforms | +9.3% |
| Palantir Technologies | +9.2% |
| Broadcom | +8.8% |
| Netflix | -25.7% |
| NYSE FANG+® Index | +24.3% |
Four Ways to Trade it
The MicroSectors™ FANG+™ ETNs (FNGS) track the index itself, putting all ten stocks in a single ticker.
For traders taking a shorter-term view, three ETNs provide a multiple of the index’s daily move. The MicroSectors™ FANG+™ Index 2X Leveraged ETNs (FNGO) and MicroSectors™ FANG+™ 3× Leveraged ETNs (FNGU) offer two and three times the daily performance of the index. The MicroSectors™ FANG+™ Index -3X Inverse Leveraged ETNs (FNGD) offer three times the inverse of the daily performance of the index, for traders positioning against it.
Learn more about the full FANG+ suite at microsectors.com/fang.
What Are the Key Notes and References for This Article?
1 NYSE FANG+® Index levels and returns shown throughout are price return, as of the October 7, 2026 close. The ETNs are linked to the gross total return version of the Index. Constituent-level figures are calculated from constituent closing prices as of the same date.
2 MicroSectors analysis of NYSE FANG+® Index constituent returns, as of October 7, 2026. Contribution is calculated by resetting each constituent to a 10% weight at each quarterly reconstitution, applying the constituents held in each period, and compounding across periods.
3 Micron Technology, Inc., “Micron Technology, Inc. Reports Record Results for the Third Quarter of Fiscal 2026,” Form 8-K filed with the SEC on June 24, 2026, for the quarter ended May 28, 2026.
4 Amazon 2026 capital expenditure guidance from its second quarter 2026 earnings call, July 30, 2026. Alphabet 2026 guidance from its first quarter 2026 earnings release, SEC Form 8-K Exhibit 99.1. Meta Platforms 2026 guidance of $130 to $145 billion, including principal payments on finance leases, from its second quarter 2026 earnings release, SEC Form 8-K Exhibit 99.1 filed July 29, 2026. Microsoft additions to property and equipment of $115.9 billion for the fiscal year ended June 30, 2026, from its Form 10-K; fiscal 2027 guidance from its fourth quarter fiscal 2026 earnings call, July 29, 2026. Microsoft reports on a June fiscal year and has given no calendar 2026 capital expenditure figure. Guidance is a company estimate, not an actual result.
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