Tech's on a roll. But some market pros aren't convinced

One of 2022's worst-performing sectors is making quite a turnaround — investors are interested in tech again, after shunning it for the better part of last year. The tech-heavy Nasdaq Composite has so far been this year's best-performing Wall Street index, having gained about 14.5% since the start of the year. The recent buzz around artificial intelligence has driven much of that feelgood sentiment on tech.

JPMorgan has also turned more bearish on the tech sector, just months after it turned positive on the sector in October. "Technology is moving from secular to cyclical. Despite our view of peaking bond yields from October, when we advised to close the shorts on tech, the sector is unlikely to be a sustainable leader; it is still priced not far from all-time highs. This is not a great starting point," JPMorgan's strategists, led by Mislav Matejka, wrote in a Feb. 13 note.

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