Nasdas has lost a much bigger % of its high than the S&P. So what is the argument against buying QQQ instead of SPY?

The only thing I can think of is that Nasdaq was more inflated than S&P last year before the declines of both began. I think the question becomes more of which tech etf to buy (perhaps in addition to some SPY)…large, medium, small cap? Maybe a medium and small cap etf since big tech already makes up a sizeable position of SPY?

genuinely curious.