Technology stocks are likely overvalued after massive runups, according to Aswath Damodaran.
"On a pricing basis, when you've [seen] as much of a run-up as you've had, you are more likely to be overvalued than undervalued," Damodaran told CNBC's "Closing Bell" on Thursday.
"You don't get a 40% run-up on companies of this size without expecting some degree of overvaluation."
As recently as January, some of the bigger players in the tech sector were skewed to an undervaluation, he said.
As the end of the year approaches, the trend could shift, he said, even if investor sentiment remains strong more broadly.
Persons:
Aswath, you've, Damodaran, CNBC's, wasn't
Organizations:
New York University Stern School of Business, Apple, Microsoft, Nvidia