“China has almost as vibrant a market for internet and tech as we do, names there are down an average of 23 percent year-to-date,” said DataTrek Research co-founder Nicholas Colas in an interview with CNBC.

Still, there are reasons to remain favorable on domestic large-cap tech stocks.

“Even though Colas detects pockets of pain in tech, he predicts momentum will continue to drive large U.S. cap tech names higher this year. He’s not worried about valuations due to the bullishness of the economic cycle,” according to CNBC.

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Tom Lydon’s clients own shares of QQQ, Apple, Facebook and Microsoft.