As the stock market set new records this week, technology has been the top performing sector, and some Wall Street strategists argue it will continue moving higher from here.
Investors bought all types of technology stocks Wednesday, sending the Nasdaq to a new 12-year high. Meanwhile, in the S&P 500, technology proved the best performing sector of the 10 industry groups, racking up a gain of 1.8 percent. Leaders included Baidu and Micron Technology.
For the year, tech is the second worst performer, up just 4.7 percent, but it was the best performer this week so far, up 3 percent.
But a negative late day report on PC sales could temporarily end the tech party for some stocks. Personal computer sales plunged 14 percent in the first quarter, the steepest decline in two decades, as tablets continue to grab share, according to International Data Corp.
Intel, Microsoft and Hewlett Packard all fell sharply in after hours trading. The 14 percent drop in PC sales to 76.3 million units was the largest since International Data Corp started publishing sales numbers in 1994. It highlights the industry's transition away from desktops to a new era of smaller devices, and puts the spotlight on Microsoft's Windows 8, which has not been embraced by consumers.