The U.S. economy has not had a recession since April 2020. That makes the current run one of the longest in American history.

The Kobeissi Letter flagged the milestone in a recent post on X: 78 straight months of growth, the sixth-longest expansion since business cycle records began in 1854.

According to the firm's chart, based on National Bureau of Economic Research data, the average expansion since 1900 lasted about 49 months.

The firm linked the cycle's staying power to unconventional monetary policy, large budget deficits and the artificial-intelligence investment boom.

“The data says the U.S. economy is remarkably strong,” the firm said.

That raises a simpler question. Which stocks actually captured that strength?

Since May 1, 2020, the S&P 500 index, tracked by the SPDR S&P 500 ETF Trust (SPY), has gained 174.6%. However, the best stock in the index over that stretch rose 30 times faster.

And it is a company most investors may not know about.

An Economy Starting From Empty

In May 2020, offices were empty and factories were restarting. The Federal Reserve had cut interest rates to zero, and Washington was sending money directly to households.

For two years, growth came back fast. Then it brought inflation with it.

The Return Of Physical Scarcity

In 2022, prices rose at the fastest pace in four decades, and the Fed started raising rates.

Targa Resources Corp. (TRGP), which moves and processes natural gas, is up 2,334% in this cycle.

As a result, companies that owned real assets came back into favor.

The AI Buildout Goes Physical

In November 2022, ChatGPT launched. From then on, money flowed into AI, and it flowed down a supply chain.

First came the chips. NVIDIA Corp. (NVDA) is up 3,279%.

Next came the machines that hold them. Dell Technologies Inc. (DELL) rose 2,630%, and Super Micro Computer Inc. (SMCI) 1,846%.

In addition, Micron Technology Inc. (MU) gained 2,261% on memory, and Seagate Technology Holdings plc (STX) 1,759% on storage.

Finally, every server needs power and cooling. Vertiv Holdings Co. (VRT) is up 2,372%, and fuel-cell maker Bloom Energy Corp. (BE) 3,805%.

Meanwhile, Quanta Services Inc. (PWR), which builds power lines, gained 1,855%.

At the end of that chain sits the cycle's winner.

Comfort Systems USA Inc. (FIX) installs air conditioning, plumbing and electrical systems in large buildings, including data centers. Its stock is up 5,166%. Consequently, $10,000 invested in May 2020 would be worth about $527,000 today.

Price change from May 1, 2020, to Oct. 5, 2026, for companies with a market capitalization above $50 billion.