Top tech investor Paul Meeks says he’ll likely buy the dip in stocks, as he doesn’t expect a significant and long-lasting downturn, he told CNBC. Wall Street had a losing week last week. The tech-heavy Nasdaq Composite and S & P 500 slid about 2.9% and 2.3%, respectively, marking their worst weeks since March. The Dow finished the week about 1.1% lower. “Tech and aggressive growth stocks in particular, have done so well, this year, probably got way ahead of themselves going up too far too fast. And so I do think that the U.S. market was looking for a chance to maybe consolidate a bit. I don’t think this leads to any sort of very nasty, long lasting downturn in U.S. stocks,” Meeks told CNBC’s ” Street Signs Asia ” on Friday. Meeks is portfolio manager at Independent Solutions Wealth Management and is best known for investing in technology stocks, having covered that sector since 1992. Five names to buy Despite the recent rally, he said, there are still some tech companies he would buy that have delivered this quarter — sometimes beating very high expectations. The five tech stocks he said he would buy are Meta , Alphabet , Extreme Networks , Arista Networks and Shopify . He said he sees “a lot of upside” in Alphabet and Meta in particular. Meeks added that he would also consider one small-cap tech stock that’s “too cheap:” Harmonic , a video-streaming tech company. Apple and Amazon Meeks shared his thoughts on tech titans Apple and Amazon , which reported earnings last week. He’s not bullish on Apple, saying that “there’s really no growth story here.” “It’ll be important that the company convinces investors that growth will reaccelerate. Everyone knows that China is key to AAPL for manufacturing & for customers. We know [there’s] a troubled market/US relationship but how bad can it get?” he asked. Meeks added that the smartphone maker needs to “join the AI party.” He said “among the tech titans, AAPL has been the quietest about AI.” He’s a bit more optimistic about Amazon, saying he expects its e-commerce business to at least grow in line with expectations. “The key will be what’s its normalized profit margin after AMZN’s cost cuts? I only expect AWS to grow about +10% year-to-year, which will be much much slower than its peers like GOOGL Cloud, Oracle Cloud, & MSFT Azure. I hope the company guides to long-awaited reacceleration here,” he said, adding that the cloud services unit is Amazon’s most important segment as it’s behind the company’s overall profitability. Here’s how much average potential upside Wall Street is giving the stocks Meeks mentioned, according to FactSet.
