Thoughts on the continued 'melt up' in certain tech names despite the broader market choppiness

Been watching a few tech plays lately that just seem to defy gravity, even with the S&P and broader indices showing some real indecision. It feels like we're in this weird bifurcation where a handful of names are getting all the love, almost regardless of their current fundamentals or the macro picture. I'm starting to wonder if a lot of this isn't just a continuation of the 'greater fool' theory, or if there's genuinely something I'm missing in the narrative. For instance, you look at something like $EURCAD today, just chilling at 1.6042, barely moving, while other parts of the market are experiencing wild swings. It makes me question the underlying health of this market-wide 'risk-on' sentiment when it's so narrowly focused. Am I being too cynical, or is anyone else seeing this same dynamic? Push back if you think I'm off base.