Invesco QQQ Trust Sees Outflows Amid Mixed Tech Momentum

Invesco QQQ Trust ( $QQQ ) has fallen by 0.94% in the past week. It has experienced a 5-day net outflow of $158.1 million.
This is due, in part, to market sentiment on some of the ETF’s largest holdings. For example:

• Nvidia Corporation stayed firmly in the spotlight as the key listed winner of the AI build‑out, with demand for its Blackwell GB200/GB300 data‑center GPUs driving accelerating Q3 FY26 revenue and widening margins and giving management visibility on roughly $500 billion of orders for Blackwell and next‑gen Rubin systems through 2025–26. Analysts broadly see the stock as undervalued relative to its earnings power: Wall Street rates NVDA a Strong Buy with an average target near $263, implying a bit more than 40% upside, while detailed scenarios range from a cautious $200 target (still modest upside, assuming slower growth and concerns over “circular” AI deals with partners like OpenAI and Anthropic) to an aggressive $352 target that assumes Nvidia keeps beating expectations well into 2030. Jefferies and other brokers argue the shares trade at only a mid‑teens multiple of 2027 earnings despite AI data‑center spending remaining robust, though investors are increasingly debating how long the current “Phase 1” capex rush can last and how much market share rivals such as AMD and Broadcom can take as the cycle matures.
• Apple Inc spent the week under mounting regulatory pressure in one of its most important growth markets as India’s Competition Commission issued a final warning in a long‑running App Store antitrust probe, accusing the company of stalling for over a year by seeking repeated deadline extensions instead of supplying financial data and formal objections. The case, driven by complaints from Match Group and local startups over App Store practices, could in a worst‑case scenario lead to fines Apple estimates at up to $38 billion if authorities base penalties on global revenue—a methodology Apple is challenging in Delhi’s High Court even as regulators refuse to pause the investigation and threaten to proceed without the company’s input. Despite this overhang, Wall Street’s stance on AAPL remains constructive: the stock carries a Moderate Buy consensus, and an average price target around $299.69 per share points to roughly 15% upside as analysts bet that Apple’s services monetization, brand strength, and product pipeline will continue to support earnings and shareholder returns even if tougher rules or penalties emerge in India.
• Microsoft remained a core way to play the commercialisation of advanced AI, thanks to its deep financial and technical partnership with OpenAI, which this week expanded its lower‑priced ChatGPT Go subscription to more than 170 countries and outlined plans to test interactive advertising in its free and Go tiers. The $8‑per‑month Go plan offers access to the latest GPT‑5.2 Instant model and significantly higher usage limits than the free version, reinforcing OpenAI’s—and by extension Microsoft’s—push to grow AI revenues from more than $13 billion annually toward a mooted $100 billion by 2027, with Azure providing the backbone infrastructure. At the same time, Microsoft is retooling internally by closing physical campus libraries in Redmond, Beijing, Dublin, and Hyderabad and turning them into AI‑enabled collaborative spaces, while Xbox hardware sales have flattened as the current console cycle ages and rivals stretch their lead. An April jury trial in Elon Musk’s lawsuit against OpenAI and Microsoft adds legal uncertainty, but hasn’t dented market enthusiasm: analysts keep a Strong Buy rating on MSFT with an average price target around $631 per share, implying roughly mid‑30s percentage upside as investors focus on the company’s dominant position in cloud and productivity software and its leverage to AI growth.