One of Wall Street’s most established tech investors believes the historic tech rally will break down.

Sloy, Dahl & Holst’s Paul Meeks blames frothy valuations.

“The valuations are not pre-internet bubble popping valuations, but they still are extreme,” the firm’s chief investment officer said Friday on CNBC’s “Trading Nation.”

The tech heavy Nasdaq has surged 9 percent over the past two months. In the last 12 months, the index is up almost 26 percent.

“With the rise in technology only recently, I’ve become more cautious,” said Meeks. “I worry about the prices on some of these stocks.”

Meeks acknowledged tech fundamentals remain strong. But he doesn’t think it’s enough to save the rally.

So Meeks, who’s known for running Merrill Lynch’s tech and internet funds during the dot-com bubble, is turning to a different group: Financials.

“I do like the banks because they’ve underperformed,” he said.

According to Meeks, the yield curve will inevitably steepen again and that’ll help boost financials.

His top bank picks are Morgan Stanley and JPMorgan Chase — two names he owns.

“I would overweight the banks and I would neutral weight or maybe even underweight tech with its steep valuations at this point,” Meeks said.