Not everyone’s convinced tech stocks are in a bubble. exchanges in 1999 are blue chips today, Bank of America notes, adding that surviving IPOs have seen their valuations climb by about 400%. Though plummeting valuations forced many companies to shutter after the dot-com bubble popped, one in four stocks that debuted on U.S. The Nasdaq is down about 17% from an all-time high set in November, while the S&P is down only 8%. That rotation came to a head last month, when stocks posted their worst start to a year since the Great Recession.

Starting last spring, however, accelerating economic growth and the threat of rising interest rates spurred a stock-market rotation away from growth stocks, like those in tech, to cyclical and value-leaning slices of the market. Technology stocks led the market's rally after a pandemic-induced crash in early 2020, helping the Nasdaq soar as much as 130% through November. “Be selective: Following the tech bubble, it took tech roughly a decade to consolidate and repair its balance sheets, during which many tech companies went away.” Key Background “When do you buy all of tech? When everyone stops asking when to buy tech-before that it might be a falling knife or dead money,” Bank of America said Tuesday.

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