Traders piling back into tech stocks just got a sobering signal that they might have gotten ahead of themselves.

A year after the Nasdaq 100 Index last closed at an all-time high, there’s no sign the index is heading back to those heights any time soon.

It’s getting complicated for investors in semiconductor stocks, with last year’s big chip shortage morphing into an inventory glut for some companies, and others getting caught up in geopolitics.

For years, investors valued Facebook’s parent company as if its growth would never falter. Now that it has, fund managers who buy cheap, out-of-favor stocks are finally getting a chance to own shares of Meta Platforms Inc.