"In an economy that still seems to have some growing pains, consistent growth is worth paying up for,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Tech's second-quarter revenue growth is projected at 7.2 percent, faster than 4.6 percent for S&P 500 companies overall, according to Thomson Reuters I/B/E/S.
There is "growth on the top line, which is more important at this point in the cycle, than in the bottom line only," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. This earnings season, she will focus on companies' comments about sales activity.
Valuations for the sector also may not be so expensive. Tech is trading at 18.1 times earnings estimates for the next 12 months, just above 17.8 times for the overall market.
That difference is even smaller when compared with the premium tech has held over the past 15 years, following the dot-com bubble. Over that time, its average P/E has been 17.2 times versus 14.7 times for the S&P 500.
Another factor in tech's favor: The dollar's 6.1 percent decline this year against a basket of major currencies.
S&P 500 tech companies generate 60 percent of revenue from outside the United States, compared with 40 percent for companies in the entire index. A stronger dollar makes foreign sales less valuable when they are translated back into the U.S. currency for reporting purposes.
Despite these positive factors, other sectors may end up besting tech.
Healthcare's year-to-date performance has nearly kept pace, and a resolution of the legislation moving through Congress could draw investors who have been wary about political uncertainty hovering over the sector.
A pickup in the economy and inflation could favor groups like industrials, energy and financials, which tend to perform better in such times.