A select group of technology giants, commonly referred to as the ‘FAANG’ megacaps [minus Netflix (US:NFLX)], have been driving the majority of these gains, casting a shadow over the broader market's performance. Furthermore, the declining pace of interest rate hikes by the FED in recent months has played a significant role in supporting the valuation of these traditionally high-multiple stocks, further fueling their re-ascent. This situation marks a stark contrast to 2022 when the tech sector endured a challenging period, battered by the Federal Reserve's initiation of the rate hiking cycle aimed at curbing high inflation.