Many market watchers are ready to bet it is. While he doesn't expect the steep climb of tech stocks over the past month can keep its current pace, he also doesn't think a fall is imminent. Still, the index sits 56 percent below its March 2000 record. Many analysts are pointing to declining inventory levels in semiconductors and other areas as a sign the tech sector is on the right track.
Inventories build when no one is buying products, which decreases profits and thus stock prices.
But even with tech stocks rallying, not all investors are happy, because many companies that are now enjoying huge gains had dropped incredibly in the past year. CMGI Inc., for example, is up 211 percent since April 4, but is still down 91 percent since this time last year. Much of the rally is being driven by the four interest rate cuts the Federal Reserve has made since January.