Does tech upside remain the main pain trade?

Seasonality has worked well so far, but if we are to follow the pattern since 1985 this needs a pause. On the other hand, after the pause we should expect the tech melt up 2.0 phase.
Second chart shows that US investors are underweight tech in size.
Imagine PMs explaining to the CIO they are underweight the hottest stuff.
The next phase could get very squeezy should these people get forced to chase tech...