Ives: It's a white-knuckle moment for tech, this is a risk-off trade

• Current tech sell-off is a risk-off trade but presents opportunities in the AI revolution.
• Cybersecurity and software stocks are considered defensive and disconnected from the broader sell-off, poised to outperform.
• Semiconductors, despite recent sideways movement, are in the early stages of a 8-10 year build-out driven by AI demand (e.g., Nvidia's 12:1 demand-to-supply ratio at GTC).
• A 'barbell approach' is recommended, owning both defensive (cybersecurity) and offensive (software, semis) tech stocks.

The analyst describes the current tech market as a 'white-knuckle moment' and a 'risk-off trade,' but views the ongoing sell-off as a significant buying opportunity. He emphasizes the long-term strength of the AI revolution and identifies cybersecurity and software as defensive areas, while semiconductors remain strong due to high demand.