The technology sector weighting for the S&P 500 Index has reached a weight of more than a quarter end of 2021. At the same time inflation fears drove U.S. treasury yields significantly beginning of 2022. This paper analyzes the prevailing view that this has a negative effect on technology stocks performance and that these are affected by interest rate hikes. The performance of the S&P500 and S&P 500 ex information & technology & communication services vs. U.S. interest rates from 2020 to 2021 and for 2022 is examined. The assumption is that the outperformance of the S&P 500 technology sector was based on the Fed policy and there will be a mean-reversion process with a regime shift. Furthermore, the hypothesis that the higher interest rates at the end of the pandemic the higher the mean reversion process is discussed. Finally, research on other sectors and Euro Stoxx 600 is recommended.