Ed Yardeni suggests the upward momentum for tech stocks is far from over, noting the Nasdaq 100 index has surged 9.3% over four trading sessions.

This sector currently trades at a forward 12-month price-to-earnings ratio of 22.3 times, which Yardeni describes as relatively cheap for a high-growth arena.

A number of Wall Street strategists are optimistic about the tech rally, with some analysts pointing out that stocks like Micron Technology and Alphabet are currently valued below their five-year averages.