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, and Amphenol.
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."
Source: Source: CNBC Analytics * Data as of midday, July 23 2014