QQQ Hits Record High but Flat Since June, Highlighting Risks of "All-Time High" Hype

The Invesco QQQ Trust (QQQ) reached a record high as of September 2026, but the milestone masks significant volatility and opportunity costs for investors, according to commentary published September 26, 2026. Despite the new peak, QQQ has delivered zero net return since early June 2026, trading near $746 after swinging from $662—an 11% decline followed by a 12% rally. The Nasdaq-100 tracker also generated no return from late 2021 through early 2024, another period ending at all-time highs. The article warns that nominal record highs ignore starting valuations, time value of money and duration drag. Several blue-chip stocks—including Microsoft (MSFT), Oracle (ORCL), IBM, Exxon Mobil (XOM), Coca-Cola (KO), Intel (INTC) and Cisco (CSCO)—have endured price droughts lasting a decade or longer. Author Rob Isbitts, a risk manager and hedged investor, argues the phrase encourages excessive speculation without context.