Big tech - the next big upside pain trade?

NASDAQ closed at all time highs yesterday, but people hardly even mention it. The crowd has been busy trying to figure out how to get out of all the value/reflation trades that have puked recently. NASDAQ has performed well lately, absolutely but above all relatively speaking.

The average PM is sitting long the stuff that has come down hard and is holding little tech. We outlined our tech logic earlier in June and having outperformed pretty much everything, tech could (still) become the next big pain trade.

People still dismiss tech, but could they end up realizing tech is the real value here, and we get a massive chase of high quality tech names, which remains the pillar of this market?