Six Surprise Winners and Losers of Today’s Tech Stock Market

What is driving Asana’s surging share price? Why is Lyft’s stock performing so well compared to Uber’s?

Since the start of this year, tech stock performances have diverged sharply. While Amazon has gained less than 6%, Alphabet has rallied nearly 40%. Two other hot performers of 2020, Tesla and Snowflake, have fallen. Dropbox, long a laggard, has gained 36%.

To determine the reason for these widely varying trajectories, The Information looked at six different tech stocks with surprising performances over the past six months, focusing on Asana, Dish, Google, Lyft, Spotify and Snowflake. We found that investors had grown wary of some previous highfliers as the conditions propelling last year’s market rally started to fade. That made room for other tech companies that were impressing investors with strong results.