But the latest survey reflected fears that the enthusiasm may have gone too far: 38% of managers thought that betting on tech stocks was the “most crowded trade” ; a net 9% had cut their exposure in the previous month.
The risks facing the tech industry now are rather different from those that surfaced in 2000.
Then, it became clear that many companies would burn through their cash long before they made a profit.
This time, the industry is more mature; Apple's fastest growth is surely behind it, for example.
Whereas the sector was generally held in high regard in 2000, it is now the object of more suspicion, whether it is public concern about individuals' privacy, Donald Trump's anti-Amazon tweets or EU fines against American tech giants.
2000年科技股被普遍高度重视，现在却成了怀疑对象，是否公众会担心个人隐私问题，Donald Trump的反亚马逊tweets 或者欧盟反对美国科技巨头开出的罚单。
Regulation may yet prove a barrier to tech's long-term growth.
So, history isn't repeating itself exactly.
There is nothing like the same stockmarket euphoria as there was at the turn of the century.
Few people are trying to day-trade their way to riches or setting up a dotcom franchise to sell dog food.
And tech stocks are not as much of an outlier as they were (along with media and telecoms firms) in 2000, when many investors abandoned “old economy” companies in retailing and heavy industry.
But there is still plenty that can go wrong.
The overall market is on a cyclically adjusted price-earnings ratio of 30—a level surpassed only in 1929 and the late 1990s.
If the Federal Reserve tightens policy too aggressively, or the American economy slips into recession (or both), tech investors will get that sinking feeling again.