The impressive 19% gain for the S&P 500 (^GSPC) over the last year is eclipsed by the 32% surge in the Nasdaq 100 (^NDX). Importantly, the source of the Nasdaq's outperformance are the major tech stocks, including Apple (AAPL) , Alphabet (GOOGL) , Microsoft (MSFT), Amazon (AMZN) and Facebook (FB), which make up 42% of the Nasdaq 100 versus 13% of the S&P. And much of the upward movement of these names doesn't even incorporate optimism around long-term opportunities where monetization remains elusive.