Probably not yet. Market compartmentalized political uncertainty last year, focusing on earnings and rates. Investors remember that game.

What mattered last year was corporate earnings season. Tech CEOs said uncertainty high but profits strong, margins high, visibility good.

Tech still fastest growing earnings sector (23-24% vs S&P 4.5%). Rotation will happen only when strong earnings delivery broadens outside tech.

Higher yields less damaging to tech mega-caps due to large cash balances. Small caps more vulnerable to financing costs.

If tech sells off, where do you go? Need strong earnings elsewhere. Without that, investors return to tech.

European tech investment is about earnings stories, not diversification. Same trade: large cap, strong balance sheet, good earnings.