A benchmark tracked by the Amplify Video Game Leaders ETF (GAMR), the VettaFi Video Game Leaders Index, returned 11.5% for the month, according to VettaFi data. Technology stocks, which make up about 47% of the index, delivered a 25.5% return and added 11.32 percentage points to that total.
Key Takeaways:
- The VettaFi Video Game Leaders Index returned 11.54% in May, led by technology holdings.
- AMD surged 43% and contributed roughly two-thirds of the index’s return on Q1 earnings and a $10 billion Taiwan investment.
- AppLovin, Nvidia, Microsoft, and Asustek added nearly four percentage points combined to the total.
For GAMR investors, May illustrated what exposure to the broader gaming value chain can mean in practice. Because the index includes chipmakers and hardware companies alongside game developers, it captured a semiconductor upswing that a pure-software approach would have missed.
See more: Gaming ETF GAMR Nears Buy Signal Amid Strong Year for Games
Advanced Micro Devices, Inc. (AMD) drove most of the gain. At a 19.8% average weight, AMD surged 43.2% during the month. In total, the stock contributed 7.54 percentage points, or roughly two-thirds of the index’s return, according to VettaFi data.
Two events fueled AMD’s run. On May 5, AMD reported first-quarter 2026 revenue of $10.3 billion, up 38% year-over-year. Data Center revenue also climbed 57% to $5.8 billion, according to AMD’s Q1 earnings release.
Then, AMD announced more than $10 billion in Taiwan ecosystem investments, according to an AMD press release. Those funds target next-generation AI chip production.
Other Gaming Index Drivers
AppLovin Corp. (APP) was also a top contributor. APP held a 4.9% average weight and surged 33.3% for the month. The stock contributed 1.54 percentage points to the total, according to VettaFi data.
Strong earnings powered that move, too. First-quarter results, released May 6, showed revenue of $1.84 billion, up 59% year-over-year, according to AppLovin’s earnings release. Net income reached $1.2 billion and free cash flow came in at $1.3 billion for the quarter.
Nvidia Corp. (NVDA) reinforced the theme as well. At a 10.54% average weight, NVDA gained 6.4% and added 0.70 percentage points, according to VettaFi data. First-quarter fiscal 2027 results showed record revenue of $81.6 billion, up 85% year-over-year, according to Nvidia’s earnings release.
Microsoft Corp. (MSFT) contributed, too. MSFT rose 8.9% on a 9.27% average weight to add 0.79 points, according to VettaFi data.
Asustek Computer Inc. (2357:TAI) stood out among the index’s remaining technology holdings. The company jumped 32.5% on a 2.55% average weight and contributed 0.76 percentage points, according to VettaFi data.
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VettaFi LLC (“VettaFi”) is the index provider for GAMR, for which it receives an index licensing fee. However, GAMR is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of GAMR.
