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The technology sector posted strong year-over-year growth of 9% in the first quarter 2017, but a 12.9% decline quarter-over-quarter.
Overall growth was led by the Internet, Semiconductors and System and PC Hardware sectors.
A strong shift towards video consumption over social media platforms helped to propel the Internet sector to 22% year-over-year growth.
Despite a continuing decline in personal PC and tablet sales, Dell's revenue grew 46% year over year due to the EMC acquisition.
Both technology IPOs and tech M&A posted strong results in Q1 with triple digit year-over-year growth in proceeds.