My concern would be how much the tech sector’s profits are tied to consumer discretionaries at a basic level.
I.e. If the future looks like most people struggling to afford housing and food, 1930’s style, or ever-expanding income variance, 1990-2020 style, how much will Google and Facebook earn on ads from people selling overpriced fashion and unnecessary gadgets to the middle class? Would Netflix be able to raise prices in that environment? How will Amazon do selling mostly consumer discretionary stuff, and how many iPhones will Apple sell for over $1k. Also in a more austere world, how much will businesses be willing to pay for the AWS or Azure commodities, when both they and their consumers are in a race to cut expenses instead of cramming more video into their ad platforms? How many unemployed people will keep Amazon Prime or iTunes, and for how long? Etc.
Dig deep enough and you’ll find at some level all these “Tech” companies obtain a large portion of their revenues from a business ecosystem that sells unnecessary shite to people with too much money. Facebook does not sell technology, they use their brand to sell ads. Google’s self-driving cars will be neat when they become available, but they will be a Segway-like or Sharper Image like, gizmo if the middle class cannot afford the luxury. Amazon or Microsoft’s cloud businesses might be world class, but how many of their clients would still need their services? Teslas are luxury transportation, period.
Tech crashed for years after the 2000 recession, which was an economic fart compared to the 15% unemployment and mass illness being experienced today. Granted, in a bad economy most stocks do poorly, but consumer discretionary growth stock PEs contract more than most.