SPX: Are tech stocks overvalued?

Are tech stocks too expensive at this moment? This continues to be one of the main questions among investors. The second is related to the next Fed move at the FOMC meeting in December. The markets entered November in a corrective mood. The S&P 500 dropped another week in a row, to the level of 6.524. Although the market was trading in a positive territory on Friday, still, the S&P 500 is marking around a 5,5% drop for the month.
The week started with markets' high concerns regarding Nvidia quarterly results. Jan Huang brought some relief commenting that the demand for chips remains extremely strong, especially for its Blackwell GPUs. The posted quarterly result showed Q3 revenue of $57B, up 62% y/y. The company expects strong earnings to continue till the end of this year, with estimated $65B in Q4, which is higher from current Wall Street estimates. Regardless of data, the shape price dropped by 11%.
Amazon is cutting more than 1,800 engineering roles as part of a broader reduction of 14,000 corporate jobs, the largest layoff in its 31-year history. Its share price went down by 8% for the week. On the opposite side, Alphabet (GOOGL) managed to hold the higher grounds, despite the general sell-off of tech stocks.
The sentiment on equity markets continues to be negative, with decreasing expectations that the Fed might cut interest rates in December. Current odds by the CME FedWatch Tool dropped to 41%, considering relatively mixed jobs data posted for September.