[Deutsche Bank: Tech Stock Rotation Still Has Room, Positioning Below Previous Highs] Deep Tide TechFlow News, according to Tide Research, Deutsche Bank's September 25, 2026, research report pointed out that since the end of July, tech stocks have risen 14%, while the rest of the S&P 500 has fallen 3%. Tech stock positioning is at the 80th percentile, below the peak of the 99th percentile in early June. Overall large-cap stock positioning is at the 79th percentile, systematic strategies at the 91st percentile, and discretionary strategies at the 64th percentile. Equity funds saw an outflow of $10.2 billion, the first in three months, with U.S. equity funds experiencing an outflow of $21.2 billion. Bond funds, on the other hand, saw an inflow of $17.3 billion. Deutsche Bank believes that the tech rotation still has room to grow, though the high positioning of systematic strategies increases short-term volatility risks. A decline in interest rate volatility serves as a signal for discretionary investors to increase positions. Deutsche Bank maintains its S&P 500 target price of 8,000 points for 2026, with an earnings per share forecast of $358 for 2026.