Shares of IT-sector companies have shown active growth this year - since its beginning NASDAQ has added 18%. However, Bank of America urged not to forget the complexities of the U.S. economy and expects the imminent onset of recession in the country, which will lead to a drop in Big Tech stocks. About this writes investing.com.

The surge in investor interest in the technology sector, according to BoA, is due to several factors. In particular, its member companies have shown strong financial results this year. In addition, the topic of artificial intelligence is especially popular now, and the appearance of Chat GPT, based on it, developed by OpenAI, spurred investments in the industry. The bank estimates that in the week ending May 10, technology stocks were at their highest level since late 2021, totaling $3.8 billion. But as Michael Hartnett of BoA warned in a note Friday, the U.S. will experience a recession that will hit the credit and technology industries similar to what happened in 2008.