(Bloomberg, CA) — Technology stocks have lost popularity, but once-stunned bank shares were popular again. The persistent rise in bond yields has turned the markets upside down.

The ongoing rout in tech stocks — a no-brainer pick for more than a decade — looks to be more than a short-term pullback: Bank of America Corp (NYSE:).’s January global fund manager survey showed that net allocation to the sector fell 20% month-over-month to 1%, the lowest since 2008. At the same time, overweight positions on bank stocks rose to 41% among BofA’s clients, closing in on a record set in October 2017.

“Central bank tightening remains the #1 risk to markets in 2022,” strategists led by Michael Hartnett wrote in the survey. That’s bad news for expensive technology stocks that are valued on future growth expectations and good news for bank stocks, which have suffered for most of the past decade amid ultra-low or negative yields.

Technology continued to swarm Tuesday with futures contract prices falling up to 2.1%, while U.S. yields reached a record high of 1.85% on Tuesday. Tech-heavy Nasdaq has fallen 4.3%, while the KBW Bank Index for U.S. banks has jumped 11%.

BofA’s survey, showing the newfound popularity of banks, was conducted between January 7 and 13 and comprised responses from 329 fund managers with $1.1 trillion in assets under management.

A separate survey by Deutsche Bank AG (NYSE 🙂 was published today. It revealed that a majority more than 500 people believe U.S. technology shares are in a bubble. In the survey of market watchers conducted last week, 49% agreed the sector is in bubble territory, while 39% disagreed and the other 12% said they didn’t know.

Markets’ direction may be affected by the start of earnings season last week. U.S. reports that include Netflix Inc. (NASDAQ :), Bank of America and Goldman Sachs Group Inc (NYSE:). this week, “could help tip the scales in either a positive or negative direction,” according to AJ Bell investment director Russ Mould.

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