If Silicon Valley's swagger is an economic indicator, things are starting to look up for the tech industry.
"The IPO window has reopened with a basket of high growth tech companies recently having successful IPOs and, more importantly, trading well in the public equity markets," said David Lyon, managing director at JPMorgan Private Bank, part of JPMorgan Chase (JPM) .
Meanwhile, Lyon said all those so-called unicorns -- startup companies valued at more than $1 billion -- are focusing on "getting to profitability" as opposed to the growth at any cost model of a couple of years ago.
As for the "new new thing" in the Bay Area, Lyon said most of the buzz at cocktail parties and coffee shops is about mobile phone security, artificial intelligence and robotics.
"The IPO pipeline is robust and we should see a number of more companies come public heading into the end of this year," said Lyon.
Outside of technology and Northern California, Lyon is more bullish on emerging markets and developed international equities than domestic stocks, saying they are potentially in the early stages of an attractive long term cycle.
"Global growth has stabilized, commodities have recovered and the dollar seems to have settled into a less volatile range, all of which are good for emerging markets," said Lyon. "Lower rates and a patient Fed are also good for emerging markets and we are seeing the early signs of earnings improvements."
Lyon added that the sharp currency declines experienced by emerging markets in recent years are making them more competitive and stimulating these economies. Despite outperforming this year, emerging markets have lagged U.S. markets by nearly 70% since the end of 2012 and valuations are attractive.
In terms of his U.S. outlook, Lyon likes areas that have been out of favor such as energy and financials because they are beating earnings expectations and getting top line growth.