Along with a low-interest-rate environment, the rising demand for technology products and solutions amid ongoing digitalization and continued innovations should keep driving the sector’s growth. Tech spending in the US is expected to grow 6.7% in 2022.
However, a bullish backdrop has led to certain tech stocks reaching price levels way beyond their intrinsic values. Considering the fundamentals and growth prospects, tech stocks Snowflake Inc. (SNOW), Cloudflare, Inc. (NET), Carvana Co. (NYSE:CVNA), and Bill.com Holdings, Inc. (NYSE:BILL) look way too expensive at their current price levels. So, these stocks could witness a pullback amid the market volatility.