Add the potential threat of U.S. regulatory interventions, and Goldman sees a bear market ahead for tech.

In an investor note Friday, Goldman’s chief U.S. equity strategist, David Kostin, admonished clients about the risks facing tech stocks:

“Rising market concentration and the political landscape suggest that regulatory risk will persist and could eventually weigh on company fundamentals.

The valuation premium for growth is elevated today relative to history; Software in particular now carries the highest multiples since the Tech Bubble.”

But Goldman is Playing Both Sides of The Fence