Are old tech names the new safety trade?

Shares of former tech darlings to the likes of Microsoft, Hewlett-Packard and Sandisk are all outperforming the tech-heavy Nasdaq on a year-to-date basis and seeing sizable gains this past month.

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And while shares of Microsoft were in the red today, earlier the stock hit its highest level since June 2000.

So, what's behind the recent rally in Microsoft?

All signs on the street are pointing to new CEO Satya Nadella. In fact, Both UBS and Bernstein Research upped their price targets on the PC maker today, to $46 and $47, citing the company's new management and direction as the reason.

(Watch: Valuations up in the clouds)

So, are we about to see Microsoft shares soar back to their dotcom heyday?

"I can't help but think the recent strength is more of an indictment of high flying technology stocks than it is an endorsement of Microsoft here," says Richard Ross of Auerbach Grayson. "I feel like this is a trap. We had a similar move in 2007…I get the sense this breakout is going to fail as well."

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