Shares of Invesco QQQ Trust (NASDAQ: QQQ) were among the big winners on the stock market last year. The ETF that tracks the Nasdaq 100 soared 54% last year, according to data from S&P Global Market Intelligence.

A number of trends and events pushed the tech-heavy index fund last year, including the hype around new generative AI technologies, beaten-down share prices in the tech sector at the start of 2023, and layoffs and other cost-cutting moves by big tech companies that helped give profits a boost last year.

The chart below shows the ETF's performance over the course of the year.

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Source Fool.com