The S&P tech sector is the only division of the index that traded at a 52-week high on Wednesday morning. Companies leading gains at 52-week highs included Qualcomm, Hewlett-Packard, EMC Corporation,
Programmable devices company Xilinx was the greatest laggard.
One analyst warned of a tech bubble.
"[It's a] tale of two worlds between old tech and new tech," said Chad Morganlander, portfolio manager at Stifel Nicolaus. "At this point of the market cycle I would avoid momentum stocks and move up the quality spectrum."
He added that new firms in the sector "can walk the walk, but valuations are too rich for my blood."