Tech Valuations Have Declined to OpenAI launched ChatGPT Level in November 2022 The S&P 500 technology sector's forward price-to-earnings ratio has declined from over 30x last October to approximately 21 times At these levels, tech valuations are roughly where they stood when OpenAI launched ChatGPT in November 2022 Forward earnings growth for technology remains by far the strongest in the market, with estimates rising approximately 20% over just the past three months