I've just spent a little time looking up the 12 month history of four technology stocks, Dell, Microsoft, Apple and Google. Of these only Google is "new" technology but Apple has been re-inventing itself lately with the iPod and iTunes concepts.
Investors in Apple and Google have seen 130% growth in value over the past year. It's interesting to note, however, that the two stocks have not moved hand in hand until August 2005. Both Dell and Microsoft have lost value. Looks like there is a sea change in technology stocks.