Jonathan Golub Calls Tech Basket "Incredibly Attractive" Amid February 2026 Selloff

Jonathan Golub’s characterization of the tech sector as “incredibly attractive” carries particular weight given the sharp tech selloff in early February 2026. The Nasdaq Composite declined from 23,592 on February 2 to 22,539 on February 13, representing approximately a 4.5% drop [0]. February 12 proved particularly brutal for technology stocks, with the Nasdaq falling 2.36% and the S&P 500 declining 1.79% — the technology sector ranked as the second-worst performing sector that day, down 1.11% [0].

The heavy trading volumes throughout this period underscore the market’s heightened volatility, with February 4 and February 5 seeing over 10 billion shares traded on NASDAQ [0]. This selloff extends beyond technology to affect multiple sectors, including software stocks experiencing a historic plunge in early February, financial services under pressure on fears AI will disrupt wealth management, trucking/logistics companies falling 14% on AI efficiency concerns, and real estate office stocks tumbling on higher unemployment fears [2].

The market data reveals differentiated performance among major technology leaders during this selloff [0]:

Notably, Microsoft demonstrated relative resilience with a modest gain, while NVIDIA and Apple experienced more significant declines. NVIDIA’s position near the lower end of its 52-week range suggests substantial valuation compression from its previous highs.

Jonathan Golub serves as Chief Equity Strategist at Seaport Research Partners, bringing significant Wall Street experience from previous positions at UBS and Credit Suisse [4][5]. His reputation as an Institutional Investor (II)-ranked analyst and one of the most bullish strategists on the street is underscored by his year-end S&P 500 target of 7,800 [4][5].

Seaport Research Partners has been aggressively expanding its research platform, growing to 27 senior analysts by August 2025, with Golub joining as Head of Portfolio Strategy in July 2025 [5]. The firm recently increased its 2025-27 earnings forecasts to reflect “recent strength in surprises and revisions,” providing fundamental backing for the tech sector outlook [4].

Historically, Golub has recommended buying tech stocks on dips, identifying certain selloffs as “unjustified” [6]. This pattern aligns with his current characterization of the tech basket as “incredibly attractive” — suggesting a value-oriented contrarian thesis at current valuation levels.

The most significant insight from Golub’s commentary is the stark contrast between his bullish stance and prevailing market sentiment. The current selloff is fundamentally driven by renewed AI disruption concerns spreading across multiple sectors, creating a risk-off environment that has punished technology stocks broadly. Golub’s contrarian call suggests he views the AI-driven selloff as overdone, with valuations having compressed to attractive levels for long-term investors.

The analysis reveals a notable divergence between technical and fundamental perspectives. Technical indicators show the QQQ (Invesco QQQ Trust tracking Nasdaq-100) in its seventh consecutive day of a short-term downtrend, with the GMI (GMAN Market Internals) at 2/6 indicating bearish conditions [3]. The AAII Sentiment Survey shows pessimism rebounding, and defensive sectors (Consumer Defensive +2.56%, Utilities +1.55%) outperformed on February 12, suggesting a flight to safety [0].

Despite this technical damage, Golub’s fundamental endorsement suggests confidence that market sentiment will eventually align with underlying earnings strength. Seaport’s increased earnings forecasts for 2025-27 provide fundamental support for this optimism [4].

The current market environment demonstrates a broadening beyond technology leadership, with defensive sectors attracting capital flows. Golub’s call could potentially slow or reverse this rotation if institutional investors respond to his contrarian thesis. The interaction between his bullish commentary and ongoing sector rotation represents a key dynamic to monitor in the coming weeks.

1. Valuation Compression
   : The tech selloff has brought key stocks like NVIDIA to the lower end of their 52-week range, creating potential entry points for contrarian investors who share Golub’s outlook
2. Contrarian Positioning
   : As a notably bullish strategist, Golub’s endorsement at current levels may attract institutional follow-through, potentially providing price support
3. Earnings Support
   : Seaport’s increased 2025-27 earnings forecasts suggest the fundamental case for technology remains intact despite sentiment-driven price declines

1. Market Sentiment Contrarian
   : Golub’s view runs against broad AI concern; historical experience suggests contrarian positions may take time to materialize
2. Technical Damage
   : QQQ in its seventh consecutive downtrend day indicates established bearish momentum; key support levels are being tested [3]
3. Macro Headwinds
   : Upcoming CPI data and Federal Reserve policy communications remain significant variables that could override sector-specific bullishness
4. Sector Rotation Persistence
   : Defensive sectors continue to lead; any leadership change from technology to other sectors remains uncertain
5. Valuation Risk
   : Technology multiples may remain compressed if AI disruption concerns persist across the broader market

This analysis presents factual information and market context to support decision-making, avoiding prescriptive recommendations about buying, selling, or holding securities.

• Nasdaq Composite declined approximately 4.5% from February 2-13, 2026 [0]
• February 12 marked one of the worst trading days with Nasdaq down 2.36%, S&P 500 down 1.79% [0]
• Technology sector was the second-worst performer on February 12, down 1.11% [0]
• QQQ in day 7 of short-term downtrend [3]

• Jonathan Golub is Chief Equity Strategist at Seaport Research Partners with S&P 500 target of 7,800 [4][5]
• Seaport recently increased 2025-27 earnings forecasts [4]
• Golub has historically recommended buying tech on dips [6]

• GMI at 2/6 indicating bearish market conditions [3]
• Heavy volume days exceeding 10 billion NASDAQ shares on February 4-5 [0]
• AAII Sentiment Survey showing rebounding pessimism [0]

The analysis reveals several risk factors that warrant attention, including the elevated volatility in the technology sector, the divergence between technical weakness and fundamental optimism, and the uncertainty surrounding AI disruption concerns. Investors should be aware that the technical indicators show warning signals that historically correlate with continued short-term volatility, while the contrarian nature of Golub’s call suggests potential time risk before any recovery materializes.