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Tech stocks are the big reason the Nasdaq hit an all-time high — with one exception

The emerging conventional wisdom says that Silicon Valley is no longer top dog under the Trump administration.

A lot of employees and execs at big tech companies opposed Donald Trump during the presidential campaign, and more than 100 have filed suit against the president's travel ban affecting people from seven majority-Muslim countries. Most of the news out of Silicon Valley has been about employee protests and angry people on Twitter criticizing execs who participate in the Trump administration in any way. Surely this can't be good for business, right?

Apparently, nobody told investors the news.

Tim Cook, chief executive officer of Apple Inc., waves before speaking during the Apple World Wide Developers Conference (WWDC) in San Francisco, California, U.S., on Monday, June 8, 2015.
David Paul Morris | Bloomberg | Getty Images
Tim Cook, chief executive officer of Apple Inc., waves before speaking during the Apple World Wide Developers Conference (WWDC) in San Francisco, California, U.S., on Monday, June 8, 2015.

The Nasdaq hit an all-time high Tuesday, and tech stocks were the reason. The top seven with the highest impact on the Nasdaq 100 index were Apple, Alphabet, Facebook, Amazon, NVIDIA, Intel and Cisco.

Apple and Facebook are not surprising, as both companies had solid fourth-quarter earnings reports. Apple, in particular, is up almost 9 percent since reporting earnings on Jan. 31. But Alphabet and Amazon are also recovering after big drops on their earnings days.

There was one big exception in tech: Microsoft, which was the biggest drag on the Nasdaq 100. The company has given up most of its gains since its strong earnings report on Jan. 25.

Correction: This story was revised to correct that Apple, Alphabet, Facebook, Amazon, NVIDIA, Intel and Cisco had the highest impact on the Nasdaq 100.