(Bloomberg). — Many investors thought that the tech-stock bubble was over. 

Polled by 39 percent of participants in the market Deutsche Bank AG (NYSE:) answered “yes” when asked if there was a bubble in such shares, according to its January global market survey released Tuesday. Thirty-nine percent said “no” and 12% didn’t know. 

Expectations of tighter central bank monetary policies worldwide are affecting high-growth stocks, which have benefited most from historically low interest rate. This Index has fallen 1.6% since March 2020 and is now down nearly 9% from its peak in mid-November. 

Bank of America Corp (NYSE:).’s January global fund manager survey showed that net allocation to the technology sector fell 20% month-over-month to 1%, the lowest since 2008.

It has been hard to accurately identify a bubble or time its fall. A Deutsche Bank (DE) survey in March found that U.S. technology stocks was rated as the most buoyant asset, even though they continued to rise. 

This recent fall comes amid widespread and growing conviction that Fed Reserve officials are poised to raise interest rates and reverse the unprecedentedly loose monetary policies that allowed stocks to soar during pandemic.

“Higher interest rates are going to be here to stay and that has to factor into everyone’s decisions — not just those that are borrowing capital but mostly in terms of valuations,” Julie Biel, portfolio manager and senior research analyst at Kayne Anderson Rudnick, said on Bloomberg TV. “So those super high-flying narrative-driven tech stocks are going to continue to take a beating.”

Seema Shah, chief strategist at Principal Global Investors, says technology stocks have been “collateral damage” from the recent spike in bond yields. In the future, Seema Shah sees tech companies with no profits continuing to suffer the most. She believes those that have strong balance sheets will continue to be profitable, while the ones that have high pricing power and pricing power will still be in good shape. 

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