Must be using some strange definition for tech or valuations, because last I'd heard tech was some huge percentage of the S&P 500, and the index has dropped like 10% from its ATH.

The definition is the first sentence of the post:

> The chart below compares the forward P/E ratios for the S&P 500 and the S&P 500 Information Technology sector.

> Tech valuations have compressed from 40x to 20x, and we are back at levels last seen before the AI boom began

Forward PE is the ratio of stock price to anticipated earnings.

If it's higher, then investors are predicting future growth in a company.