The Technology Select Sector SPDR Fund and tech-heavy Nasdaq Composite have both risen around 18% this year with the XLK surging nearly 10% in the past month alone. The S & P 500 has jumped to record highs this year along with the Nasdaq, up 14%. What's more, the
Magnificent 7 Index has seen gains nearly twice that of the XLK and Nasdaq year to date, rising about 35%. These strong gains in tech, however, have led to exceedingly high valuations for some companies in the space. Pro screened FactSet data for stocks in the XLK whose forward price-to-earnings ratio is above the S & P 500's. We then filtered for names trading above their respective five-year average forward P/E and are beating the broad market index with year-to-date gains of at least 14%. Take a look at the list of companies below: Super Micro Computer has become one of the biggest recipients of the artificial intelligence craze on Wall Street and may be overvalued.