The Top 3 Tech Stocks in the S&P 500 With the Highest Gains This Week

S&P 500 Faces Third Consecutive Weekly Drop

On Friday morning, the S&P 500 was on track to record its third week of losses, falling roughly 0.5% after the market opened.

Market Uncertainty Amid Iran Conflict and Economic Data

The ongoing conflict in Iran, now approaching its third week, continues to inject volatility into the stock market as oil prices climb. Recent economic reports, including the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE), showed little movement, leaving investors without clear direction. The Commerce Department revealed that Gross Domestic Product (GDP) growth slowed significantly in the last quarter of 2025, while core inflation picked up at the start of 2026.

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Technology Sector Outperforms

This week, technology stocks outpaced the broader market, as reflected by the State Street Technology Select SPDR ETF, which tracks tech companies within the S&P 500. The ETF remained steady through Friday afternoon.

Memory chip companies led the charge. Here are the top three tech performers in the S&P 500 this week:

• Sandisk: Up 27%

  Sandisk (NASDAQ: SNDK), a leader in NAND flash and solid-state memory for phones, gaming, and data centers, surged 27% this week, making it the top tech stock in the index.

  Year-to-date, Sandisk shares have climbed 182%, and over the past year, they've soared 1,230%.

  This week's rally was likely fueled by reports that NAND memory drives are nearly sold out for 2026, causing supply shortages and pushing prices higher.

  Despite its rapid growth, Sandisk remains attractively priced, trading at 15 times projected earnings, making it a compelling choice for investors during this memory chip supercycle.

• Ciena: Up 15.5%

  Ciena (NYSE: CIEN) was the second-best tech performer, jumping about 15.5% by Friday afternoon.

  Although its gains aren't as dramatic as Sandisk's, Ciena has delivered strong results, with its stock up 45% since the start of the year and 412% over the past twelve months.

  Ciena specializes in adaptive networking solutions for telecom and cloud companies, helping them efficiently move data across their networks.

  The stock's rise this week was driven by a robust earnings report that surpassed analyst expectations.

• Micron Technology: Up 15%

  Micron Technology (NASDAQ: MU) ranked third among tech stocks, gaining about 15% as of Friday afternoon.

  Like Sandisk, Micron is a memory and storage company benefiting from high demand and limited supply. While it offers NAND flash drives, its main business is DRAM chips, which are crucial for GPUs, data centers, smartphones, and computers.

  Micron received significant analyst upgrades this week, with Wells Fargo raising its price target by $60 to $470 per share, and Wedbush increasing its target from $320 to $500, citing tight supply and strong demand.

  Micron is set to report earnings on March 18, prompting some investors to buy in anticipation of another strong quarter.

  The stock is up 49% year to date and 345% over the past year, and it trades at a favorable 12 times forward earnings, making it an appealing investment.

Ciena’s Financial Highlights

In its fiscal first quarter ending January 31, Ciena reported a 33% increase in revenue and a 111% rise in adjusted earnings compared to the previous year. With a record backlog, the company raised its full-year guidance, projecting 28% revenue growth and an operating margin of 18.5% at the midpoint, up from 11.2% last year.

However, Ciena’s stock remains relatively expensive, with a price-to-earnings ratio of 214 and a forward P/E of 77, so investors should monitor its valuation.

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Disclosure and Additional Information

Wells Fargo is an advertising partner of Motley Fool Money. Dave Kovaleski holds no positions in any of the mentioned stocks. The Motley Fool owns shares in and recommends Ciena and Micron Technology. For more details, see the disclosure policy.

The 3 Best-Performing Tech Stocks in the S&P 500 This Week was first published by The Motley Fool.