The AI boom has driven the 2026 stock market, but the S&P 500’s best performer so far this year is not a chipmaker. It is a COVID vaccine maker, up 663% after closing at $225 on Friday.
That lead rests on a cancer vaccine trial whose detailed results have not been released. In mid-August, the company’s shares were still down nearly 90% from their pandemic peak.
The company is Moderna (MRNA), best known for its COVID shot. On August 19, it and drugmaker Merck said their experimental cancer vaccine had passed a final-stage trial in skin cancer patients.
The news landed after a rough stretch. COVID vaccine sales had collapsed, and Moderna cut more than 800 jobs last year.
Shares closed up 177% that day, then fell 24% the next, according to the Inquirer. BeInCrypto had already flagged Moderna’s 2026 comeback in June, when the stock was up 125% on a flu vaccine approval.
On Friday, the gains extended, with Moderna rejoining the Nasdaq-100, an index of Nasdaq’s largest non-financial companies.
BREAKING: $MRNA is up +8% today as it joins the Nasdaq-100, and it is now the best performing S&P 500 stock of 2026, up +620%.$10,000 invested in Moderna at the start of 2026 is now worth over $72,000. pic.twitter.com/HtvNt63g9L
— Bull Theory (@BullTheoryio) October 9, 2026
More than 200 funds holding over $800 billion track it, Nasdaq said, so they had to buy the shares.
The same day, The New York Times reported a COVID-style national cancer vaccine push, expected to launch in December. Moderna closed 14% higher.
AI names sit just behind. SanDisk, which sells memory chips to AI data centers, is up 566% this year, riding AI memory chip demand. The S&P 500 has gained about 14%.
So far, Moderna and Merck have said the vaccine worked but have not shown how well. Investors get the full numbers on October 24, at a major cancer conference in Madrid.
“It provides proof of principle that personalised cancer vaccines work,” Marco Gerlinger, a professor at Barts Cancer Institute, told the Pharmaceutical Journal.
Notably, not every investor is buying the rally. Martin Shkreli, a former drug company executive, gives the Moderna stock bubble up to six months to burst.
moderna $MRNA is a great short if you can tough it out and wait 6 months
— Martin Shkreli (@MartinShkreli) October 9, 2026
Moderna is now worth about $89.8 billion, and rivals BioNTech and Genentech are testing a cancer vaccine of their own.