(Bloomberg) -- Bullish positioning in US technology stocks is at the highest in three years and other global markets are also looking stretched, raising the risk of a pullback, according to Citigroup Inc. strategists.

Markets are “extended and turning increasingly one-sided,” strategist Chris Montagu wrote in a note dated March 4. Long positioning in Nasdaq 100 futures is “extremely extended,” while positioning in Europe and Japan’s Nikkei are also a cause of considerable profit-taking risks, he said.

US stocks have been on a tear this year, as the frenzy around artificial intelligence and optimism about economic growth spurred the S&P 500 to a record high. The tech-heavy Nasdaq 100 has advanced for four straight months.

Now, market strategists are divided about the potential for a bubble in stock markets. While Goldman Sachs Group Inc. strategist David Kostin said the rally in tech stocks has been justified by fundamentals, Marko Kolanovic at JPMorgan Chase & Co. said the pace of gains is indicative of accumulating froth in equities.

Citi’s Montagu also said earlier this year that the rising profit levels in Nasdaq positions were a cause for concern.

In Monday’s note, the strategist said that the last remaining short bets in Euro Stoxx 50 and Germany’s DAX futures unwound last week. There’s been “a complete disinterest in taking a bearish view,” Montagu said.

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