The Nasdaq 100 has now delivered three consecutive years of gains exceeding 20%, accumulating a remarkable 134% return across 2023-2025. Rewinding to the 1990s tech boom, we saw a similar streak—the index climbed 145% from 1995-1997, followed by an 85% rally in 1998 despite a brutal 25% intra-year drawdown. History doesn't always rhyme perfectly though. While the parallel is intriguing, expecting an exact replay in 2026 would be wishful thinking. Market cycles evolve with different catalysts, valuations, and macro conditions. The real question: which elements of past booms repeat, and which fade into memory?