The Nasdaq 100 Index and the QQQ ETF had a strong performance in 2025 as the artificial intelligence boom entered its third year. The two assets jumped by over 20%, adding trillions of dollars in value.
Most companies in the index and its ETFs were in the green, with companies like Western Digital, Micron, Seagate, Warner Bros, Palantir, Lam Research, and AppLovin being the top gainers. This article explores some of the top laggards in the index this year.
Strategy (MSTR) was the worst performer in the Nasdaq 100 Index
Michael Saylor’s MSTR was the top laggard this year as it crashed by almost 50%. This decline happened as the Bitcoin price dropped from the year-to-date high of $126,250 to the current $90,000.
Strategy also plunged as demand for companies in the Digital Asset Treasury (DAT) industry tumbled. Indeed, other companies like BitMine, MARA, Metaplanet, and Semler Scientific continued plunging.
Strategy’s market net-asset value (mNAV) has dropped below 1 as the premium ended. At the same time, the company continued diluting its shareholders as it raised billions of dollars to buy more coins.
The stock also formed a death cross pattern, and technicals point to more downside in the near term.
Charter Communications’ stock dropped amid cord-cutting
Charter Communications was the second-worst-performing company in the Nasdaq 100 and QQQ ETF during the year. Its stock dropped by over 40% this year and by over 57% from its highest point this year.
Charter stock price has plunged as the company’s revenue and profitability growth slowed and as its capital expenditure soared. The most recent results showed that its revenue dropped by 0.9% to $13.7 billion, while the adjusted EBITDA fell by 1.5% to $5.6 billion. Also, the capital expenditure rose by 19% to $3.1 billion.
Charter, like other companies in the industry, have come under pressure in the past few years as customers have cut their cords and moved to streaming solutions.
Atlassian stock dropped as insiders sold
Meanwhile, the TEAM stock price crashed by 33% this year and was the third-worst performing company in the Nasdaq 100 Index. Atlassian, which is the parent company of Jira, Confluence, Trello, and Loom, has plunged by nearly 50% from the year-to-date high and by 66% from the all-time high.
The company has also plunged as its management has continued dumping its stock over time, a sign that they expect the weakness to continue. Also, Atlassian has continued to face substantial competition from other companies like Microsoft, Asana, and Monday.com.
PayPal stock plunged as growth stalled
PayPal stock price dropped by 30% this year, bringing the five-year returns to minus 75%. It has plunged in the past few years as its growth slowed and woes in its Honey division continued.
PayPal’s business has continued to slow as competition in its business has accelerated. For example, its unbranded business is seeing robust competition from the likes of BNPL firms like Affirm and Klarna.
At the same time, there are claims that Honey, its business, has been taking advantage of customers and its advertising clients. The allegations have also attracted lawsuits that may hurt its business.
There were other top laggards in the Nasdaq 100 Index, including Kraft Heinz, Marvell Technology, Comcast, Adobe, and Verisk Analytics. All these stocks plunged by over 20% this year. Other top laggards in the index are firms like Paychex, Thomson Reuters, Workday, and Fortinet.
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