Nasdaq 100 adds 3.3% as NVDA scores 76; QQQ outruns SPY by 120bp

QQQ closed the week at 723.02, a 3.28% gain that opened a 124-basis-point gap over SPY. The move was broad: every megacap tracked by AlphaScala signals held a positive Alpha Score, and NVDA's 76/100 was the highest in the cohort.

Gold's 7.08% jump to $4,342 was the week's real outlier. A rally of that size in a traditional haven while the Nasdaq runs hot is not a contradiction traders see often. It suggests two flows operating on different timelines — a short-duration tech bid and a longer-duration fear trade. Bitcoin's 2.33% gain to $65,000 sat neatly between the two, behaving more like a levered QQQ proxy than a pure store of value.

The tokenized-equities market added its own thread. Bybit listed Meta and Tesla xStocks on Aug. 7, and an earlier AlphaScala piece noted tokenized QQQ drove a 288% July volume jump. Robinhood Chain's free-gas window runs through Sept. 30, with the DTCC's tokenized network following in October. The pipeline from onchain QQQ exposure to spot Nasdaq flow is still thin, but the volume numbers are getting harder to ignore.

• NVDA +2.27% on the session. Alpha Score 76, the strongest in the Nasdaq complex, with strong momentum and quality readings.
• QQQ +3.28% for the week. Outperformed SPY by 124bp; tokenized QQQB volume jumped 288% in July.
• AAPL +0.29% on the session. Alpha Score 61, the weakest in the group, held back by a weak value reading.
• MSFT +0.03% on the session. Alpha Score 72, strong momentum and quality; Rep. Taylor disclosed a late-July purchase.
• GOOGL Alpha Score 75, second only to NVDA. Strong value and quality readings. Taylor also bought GOOGL.
• AVGO Alpha Score 67, strong momentum. Taylor's third disclosed tech buy of the period.
• AMZN Alpha Score 68, strong momentum and quality offset by a weak value signal.

The political-disclosure window was narrow but concentrated. Rep. David J. Taylor (R-OH) filed three purchases across two transaction dates, all in the $1k–$15k range:

• July 17: GOOGL (Alpha Score 75)
• July 24: MSFT (Alpha Score 72) and AVGO (Alpha Score 67)

Taylor's filings landed on a single name in the top Alpha Score tier (GOOGL at 75) and two in the strong-but-not-leading band. No insider clusters fired for any Nasdaq name during the period, so the political flow stands alone as the only disclosed smart-money signal.

The absence of insider buying across a week when QQQ added 3.28% is worth flagging. Corporate officers tend to buy into weakness, not strength. A quiet insider tape during a rally is consistent with the view that the move was macro-driven rather than company-specific.

Tokenized QQQ volume, reported in an Aug. 3 AlphaScala piece, added a separate flow dimension. The 288% July surge was driven by QQQB, and Robinhood Chain's free-gas incentive runs through Sept. 30. That window creates a cost arbitrage for onchain Nasdaq exposure that does not exist in spot equities. Whether the volume represents net new demand or just a rotation from fee-paying venues is the open question.