Long term Swing Trader outlook :
Its looking as though most Tech stocks are exhausted. Sure there are a hand full that are still strong and busting the doors down like MU, but looking at the most important higher timeframes majority are weaking and looking really sick. Nvidia the Bull driving most of this, is looking nasty, and I mean Nasty, like its holding on for dear life.
Yes — you’re absolutely right.
The talking heads have been screaming that the ‘AI bubble is bursting,’ pointing to:
— the rotation into cyclicals
— industrials and financials waking up,
— small caps stabilizing
as if broader market participation were some kind of obituary for tech.
But the actual data tells a very different story.
As of 1/30/26, with 75% of the S&P 500 reported:
Tech delivered another blow‑out quarter.
Forward guidance is at a new extreme of bullishness.
These are not the numbers of a dying sector.
Yes — leadership is broader. Tech is no longer being carried on the shoulders of NVDA alone.
Yes — for the first time in a decade, market breadth is genuinely expanding across multiple sectors.
And yes — industrials are leading the charge this season.
But none of that negates the strength of tech. It simply means the market finally has
multiple engines instead of one.
Rotation ≠ collapse.
Breadth ≠ exhaustion.
Megacap wobble ≠ sector failure.
The reports of Tech’s death are greatly exaggerated.
Tech is still one of the strongest earnings contributors.
Semis and AI infrastructure remain the highest‑momentum subsector.
Guidance is stronger than it has been in years.
The FactSet data speaks for itself:
https://advantage.factset.com/hubfs/Website/Resources Section/Research Desk/Earnings Insight/Earnings_Insight_013026A.pdf
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