Terrific teflon tech, but...

Bernstein says to take some profits in Tech

Bernstein come to the conclusion that if you were overweight, you should take some profits and move to neutral, not underweight. The sector is now at its highest relative valuation to the market, a 54% premium, for the past 45 years, ex dot com. Earnings have been upgraded, but that looks priced in. Particularly for some of the mega-caps like Apple, Microsoft, NVDA & ORCL.