As tech stocks continue to outperform and maintain high P/E ratios, there has been growing concerns about whether this is sustainable. With the upcoming election, the markets may become more volatile leading up to the event. We should also note that there are several supporting mechanisms that will likely prove favorable for the markets, such as record levels of private equity dry powder that may bid up the valuations of fundamentally strong companies. While the tech market shows positive signs of holding up, tech-enabled consumer-facing businesses may not benefit as much as mission-critical enterprise SaaS firms. The former tends to have heavy operational and marketing costs, while the latter is able to generate higher, recurring revenues, leading to a bifurcation in the tech markets.