The S&P 500 Information Technology sector continues to climb to new all-time highs this week, surpassing the peak reached in March 2000 at the height of the tech bubble.

As the segment grows near 30% in 12 months, maintaining its position as by far the best-performing in the market, analysts say there’s more room to run for global tech behemoths such as Apple Inc. (AAPL), Facebook Inc. (FB) and Alphabet Inc. (GOOG). (See also: Buy Tech Stocks on Any Seasonal Weakness: Guild.)

Still Room to Grow

Chief Economist Max Wolff at Disruptive Technology Advisors told CNBC that while investors are correct in thinking big tech number are expensive relative to normal times, and their own recent or longer-term past, they are still growing. “They still have great margins. So we still think they’re the place to be. I just think you have to keep your eye on where the exit is in all of these risk assets. For now, tech is the expensive but best place to be, as for as we see,” said Wolff. The economist highlighted Microsoft Corp. (MSFT), Alphabet, Facebook and Apple as they continue to “pull a lot in their wake” and hold a lot of weight “in a market cap-weighted world.”

“We think tech continues to power up, because tech is dominant. It's American/global dominance area, and there aren't that many of those. And it tends to be a place where we keep seeing good revenue numbers and great margin numbers,” said Wolff. Shares of MSFT, GOOG and FB have gained 20.3%, 21.7% and 49.3% respectively, year-to-date (YTD), with AAPL up 41.5% as it reaches new all-time highs.

Also this week, Bank of America reiterated its market weight position on IT given its “mixed valuation, elevated position risk, but still attractive fundamentals and quant scores.” (See also: Buy McDonald’s and Tech Before Dollar Enters Long Bear Market: Credit Suisse.)

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