Well, not completely. Nvidia will still be fine long term. But money will continue to slowly leave the big tech names. Apple, Amazon, Alphabet, Meta, and, of course, Tesla.
The risk/reward just isn’t there any more. The small cap tech stocks will be where new money will be deployed. Small companies where the market caps are only $2-3B or even far less offer a better risk/reward in the long term. Especially in the quantum space, like RGTI, LAES, or QBTS. At least one of them—if not all— is bound to be a 25-bagger over the next 5 years. You won’t get that from Apple or Alphabet!
As soon as we finally get into a risk-on mode again, these small caps stocks and others will soar in the second quantum wave.