A hold is already heavily priced in, so I think the bigger market mover will be the guidance for December and the reaction of Treasury yields.
If the Fed signals another hike, I wouldn’t automatically buy the first tech dip. I’d watch the 10-year yield and earnings first. If yields rise but profitable tech companies with strong free cash flow continue delivering earnings growth, I’d view a valuation-driven sell-off as a potential buying opportunity.
But if higher yields coincide with weakening earnings, shrinking margins or AI capex rising much faster than cash generation, I’d stay patient.
For me, the opportunity is not simply “tech fell, buy”. It is whether fundamentals remain strong after the discount rate moves higher.
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