Op-ed: This is what investors are misunderstanding about tech stocks

In one form or another, despite two surges in February and again in April, the "reopening trade" has dominated the U.S. market since last fall.

Pundits regularly proclaim the demise of the technology stocks, predicting their continued underperformance, and citing the numerous reasons why this trend should persist. Whether the thesis is higher interest rates, inflation, excessive valuation, or the surging start-up economy, the tech names are now considered underdogs.My initial reaction is non-statistical and gut-based, which means it's worth less than the screen it's typed on: almost everyone pontificating about the market today is very negative on technology stocks, so that feels like a bullish signal to me.A banner for Snowflake Inc.

The popular term "tech sector" generally encompasses a wide range of stocks that belong to the official S&P technology group, such as Apple and Microsoft, but also digital powerhouses Google and Facebook, both of which sit in the "communications services" sector.

Bubbles that built up in various groups, such as the Robinhood and Reddit favorites, have already popped to some extent, with many stocks, such as Tesla,

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