Just caught something interesting from the Goldman Sachs research team. You know how tech has been getting hammered lately? Well, their chief global equity strategist Peter Oppenheimer and the analysts over there are actually pretty bullish on the sector right now.

Here's what caught my attention: tech valuations have actually fallen below consumer discretionary, staples, and industrials. That's a pretty wild reversal if you think about it. And unlike most other sectors, the valuation premium compared to historical levels has dropped significantly. So we're not exactly in bubble territory here.

What's more interesting is the PEG ratio situation. Tech's price-to-earnings-to-growth ratio is now below the global aggregate market average, which basically means we're looking at some real value plays in this space. The earnings growth expectations are actually outpacing the stock performance right now – there's a pretty big gap there.

Peter Oppenheimer's team also points out that earnings revisions for tech companies have been more positive than other sectors. And when you look at the capital expenditures these companies are making, especially the hyperscalers, those investments should start paying off down the line. Sure, there could be shocks to credit or revenue, but analyst estimates for the earnings boost from these capex moves have actually gotten more bullish over the past few weeks.

One more thing that stood out: they're not worried about a tech bubble. Current valuations are still way below where they were before the 2000 dot-com crash. So if you're looking for where the real opportunity might be hiding right now, tech could be worth paying closer attention to.