Morgan Stanley’s top U.S. equity strategists told Bloomberg Television on Friday that the bank’s bearish outlook hasn’t changed, despite the recent rally in major tech stocks.

“Our view has not changed,” the strategists said.

They explained that the “hot rally” in the fourth quarter was a result of the “old economy,” including financial, industrial, energy, and commodities stocks. This rally was based on a story about Chinese businesses getting back on track, which seemed reasonable.

“Tech sector stocks are clearly disappointing this quarter,” they said.

However, the bank’s experts acknowledged that the tech sector is currently performing well, and this rally is popular because it’s what people want to buy and own.

“The bear market exists to trick you, to confuse you, to make you do things you don’t want to do,” they added. 

As a result, the bank analysts said that fundamentals do not support the current state of equities, and they expect the second half of the year to be shaky, resulting in a decline in the S&P 500 Index.

Earlier we reported that Microsoft has urged lawmakers and companies to increase regulation of AI.