Despite the massive gains tech companies continue to make, Bank of America is warning that trouble lies ahead in the second half of 2023.

Analysts closely watch the tech industry, given that it accounts for the world’s most valueable companies and greatly impacts virtually every other sector. While some analysts have been rejoicing over the gains many tech firms to continue to post, BofA is urging caution, according to Reuters.

BofA Global Research strategists, led by Michael Hartnett, pointed out that central banks are still down $3 trillion, “yet Nasdaq wants new highs.”

“We say tech = H2 trouble rather than era of new AI rules,” BofA said in the note.

The note is a sobering warning for an industry that tends to fly high…until it crashes.