Chip stocks are bounding back Monday, but the rebound doesn't mean tech investors are in the clear, according to Mike Khouw.

Shares of technology companies slid as traders dumped high-flyers in the sector in anticipation of rising interest rates.

The PHLX's combined loss of 12% over two sessions shows investors are becoming more concerned about pricey, high-flying tech stocks just as Elon Musk prepares a blockbuster…