Technology companies and chipmakers have seen a rally over the fourth quarter of 2015. Microsoft, for instance, has seen its stock price rise from $43 in mid-September to over $55 on Thursday.
But while there are still positive trends to look forward to in many areas of the sector, much of the "easy money" has already been made, experts told CNBC.
Microsoft's upward trend, for example, leaves it approaching its price target, Brent Thill, a UBS software analyst who owns the stock, told CNBC.
"When you look at software, Microsoft has continued to fundamentally outperform," Thill said. "They're making the right moves in cloud. They're doing the right thing on expense control. And the partner ecosystem is starting to perk up a little bit."
Meanwhile, the start-up world has also been flush with cash. But with interest rates expected to rise, there may be less room for companies that are losing money next year, Thill said.
"We think the private market is starting to tighten," Thill said. "We're seeing fewer IPOs in our group. So ... we think there are going to be fewer platform vendors that are going to win in the next year."
Still, the technology sector is not without opportunities.
Stocks like Salesforce and GoDaddy have caught Thill's eye. And semiconductor companies that are building out their "Internet of Things" businesses could hold promise for Paul Meeks, a portfolio manager at Saturna Capital, who is particularly bullish on the merger of NXPI and Freescale Semiconductor.
"As the companies merge, they'll have about 40 percent of their business from the automobile sector, which is obviously going great guns," Meeks said. "But also, there's increasing penetration of components in automobiles, and these folks are very well-positioned, and that even excludes the cost synergies I see from the deal."