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.
