Gold Sachs has made its boldest call on tech stocks in decades, stating that technology stocks have become the market's biggest worry in 2026, after powering almost every major index higher throughout 2024 and 2025. The firm argues that the global technology sector has experienced one of its weakest periods of relative returns in 50 years and that its valuation has fallen below that of the broader aggregate global market, creating a “technology value opportunity.” The valuation premium of the five biggest tech names in the U.S. has also dropped almost to the same level as the rest of the market. Goldman Sachs' findings were published as a follow-up to the early 2026 sell-off that spread through software companies. The company's valuation gap is also highlighted as a potential value opportunity for investors, as tech companies revised their earnings upward more than any other sector globally in 2020. The forward 12-month price-to-earnings ratio for the S&P 500 sits at 20.4, above its 5-year average (19.9) and its 10-year (18.9), but below the 22.0 year-end mark. The call comes as many retail investors are reviewing their own risk tolerances.