Morgan Stanley this week released a report on another longer-term trend, self-driving vehicles. But of the 30 U.S. stocks set to benefit, many were not traditional automakers.
As technology companies have continued to disrupt businesses outside the technology sector, the rest of the S&P 500 has been "shaking in their boots," Mitchell said.
"Yes, I think it would be painful if it reversed," Mitchell said. "But I think obviously what people are buying is growth ... I think the question you have to ask is, 'Is it overbought?'"
Nobel Prize winner Robert Shiller doesn't seem to think so. Shiller, credited with foreseeing the dot-com bubble of the late 1990s, told Fortune on Friday that the tech sector is relatively undervalued.
"We make an adjustment for the fact that technology stocks have always been highly priced, so recently they've been less highly priced overall than on average," Shiller said.
Tech may be benefiting now. But Morganlander said that large-scale changes — such as interest rate adjustments and shifts in international economic growth — could hit the market over next 18 months, he said. "Old world tech" companies like Oracle and Microsoft could provide more predictable investments, he said.
"You saw that, back in the late '90's into the early 2000s," Morganlander said. "Not that we're in a bubble yet, but we have to, of course, be much more circumspect and cautious."