Tech's new record comes without peak-valuation heat

The US Tech 100 has climbed back to record territory, but the rally appears less valuation-driven than last year’s peak. Duality Research shows the sector’s forward P/E at about 23.3x — roughly eight multiple points below its October 2025 level — suggesting gains are occurring with cooler valuation expansion. Related tech ETFs and large-cap names also rose (XLK shown +2.81% intraday) and notable active names like NVIDIA, Intel and AMD traded higher, reflecting breadth in the move. The piece reads as market commentary highlighting a record index level paired with more moderate valuation metrics, implying a more cautious or sustainable rally.