I think the issue is about risk management and, potentially, that is why top funds are below QQQ. But, following your main point, I agree that this cycle of te

I think the issue is about risk management and, potentially, that is why top funds are below QQQ. But, following your main point, I agree that this cycle of tech could be very different of past cycles. We are at a point where the tech market has already reached the whole human civilization and the room for growth is not so obvious. I also have the hypothesis that there are no more ads to show! For example, Google has bombarded us with zillions of ads and there is a point where it is intolerable. The TV suffered a similar effect in the past. Finally, there is no more free lunch on sharing personal data and compliance measures will increase. In the past, the tech sector was almost completely immune of regulations.