Tech Strength; Concentrated; ETF Tail Wagging Dog Responsible?

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What do you all think? I invite you to weigh in. I look at the top holders of these heavyweights and see lots of ETF’s. I guess I wonder if so much of the buying that has buoyed these wonderfully-performing stocks is more related to  ETF  buying regardless of price or valuation, versus a money manager who decided they like AAPL at $250, but maybe less so at $300.

Tech last two months (8/30-10/30)

Cash on Balance Sheets. Year- end performance chasing.  Overbought though.  RSI is 75ish. 80ish is toppish. Concentrated too. Big Move . Tail wagging dog. Look at the top holders of each of these names. See any ETF’s?

Top 8 in the NDX by weighting  (AAPL, GOOG, QCOM, MSFT, ORCL, AMZN, CSCO, INTC) = 44% of the performance is in 8 stocks.

AAPL 240 ==> 303               26%

GOOG 448 ==> 615            37%

QCOM 37.80 ==> 45.50     20%

MSFT 23.35 ==>26.60       14%

ORCL 21.66 ==> 29.50        36%

AMZN 123 ==> 167             36%

CSCO 19.80 ==>  23             16%

INTC 17.60 ==>20.50         16%

WIGHTED AVG             25.6%

NDX 1755 ==> 2131            21%