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Tech stocks hit all-time highs as Micron shares surge

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The Technology Select Sector SPDR Fund surged to an intraday all-time high on Monday, bringing its year-to-date gains to nearly 46%.

which traded 4.5% and 6.9% higher. Micron is trading at its 52-week high, on pace for its best day in two months.The equity research firm upgraded Western Digital on the expected ramp-up of the 5G smartphone build cycle. The firm also recommended Micron as it sees an attractive risk/reward for the chip maker.

However, one of Wall Street's top technology analysts is warning that the sector has gotten too expensive. In a note to clients on Monday,the sector is currently trading at 22 times earnings, the highest level for the group in 15 years. "Given elevated valuations and elevated expectations for high priced stocks, we believe risk remains high in tech," Sacconaghi said.

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