The stellar performance from technology stocks over the last five years led the S&P 500's run from 2,000 to 3,000, but the sector's phenomenal growth may well continue, according to the chief executive officer of an analytics firm.
The S&P 500 briefly broke above the 3,000 level for the first time on Wednesday following Fed Chair Jerome Powell's dovish comments in Congress.
Over the five years since the index hit 2,000, technology firms such as Nvidia and Amazon have significantly contributed to the rally. The former saw gains of more than 700%, while the latter jumped well over 450%.
Those companies could continue to see staggering growth if they are willing to adopt new technologies, according to Tony Nash, CEO of forecasting and analytics company Complete Intelligence.
"It's not necessarily just the revenue growth. It's the efficiency (gains) that you get through some of these technology firms," Nash said, adding that the way Nvidia has increased the processing speed for users is "pretty incredible."
While he said Netflix, which rose by more than 450% over the same time period, may see some push back because of competition from Disney and other legacy media, others can continue their climb. "Some of them are seeing real ... sustainable gains, not just on growth but on productivity and efficiency," he told CNBC's "Street Signs" on Thursday.
New technologies can bring efficiency to financial services companies or into the area of corporate procurement and supply chain management, Nash said.
If a manufacturing company can raise its revenue at a steady rate, but then becomes more efficient in its operations and finances, the firm can "absolutely" hit new highs in its stock price, he said.
Nash said his firm has benefited from using artificial intelligence and machine learning, and said such technology may drive meaningful growth in businesses.
"I am a big believer in this, and I do think that it's sustainable," Nash said. "But it's sustainable first of all, in pockets, second of all — do the executive teams have the courage to let their companies adopt these technologies. That's a big question."
The pace of adoption remains to be seen, however, he said.
"It depends on how quickly these companies will want to adopt it," he said. "Will companies adopt technologies that will displace workers and change their profile? I think that's the real question."
"If shareholders are aggressively pushing those executives to make changes to their operations and their back end, then I think yes, we can continue to see (stock rallies), especially with the technology companies."
— CNBC's Yun Li and Fred Imbert contributed to this report.