The tech sector is pulling stock markets (^DJI, ^IXIC, ^GSPC) lower following underwhelming reports from Magnificent Seven tech stocks. Harvest Portfolio Management CIO and partner Paul Meeks comes on Catalysts to share his perspective on the current market rotations.
Meeks reveals he’s refraining from buying tech stocks at the moment. While he remains “pretty comfortable with the continued AI infrastructure building names,” he acknowledges that regardless of fundamental performance, stock prices could still decline. “So what I am doing is I have a prohibition on buying [tech stocks] at least till we get through next week’s reports,” he explains.
In terms of specific investments, Meeks highlights several AI infrastructure plays, including Nvidia (NVDA), Advanced Micro Devices (AMD), Dell (DELL), Hewlett Packard Enterprise (HPE), and Super Micro Computer (SMCI). However, for other AI-related companies, he emphasizes the need to see “more use cases” before gaining confidence in investing.
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