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Investor warns it's 'looking a lot like the tech bubble' and names 3 cheap stocks to buy outside it

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The S&P 500 is 'supported' by just seven mega-cap tech stocks right now, Eric Lynch tells CNBC. He shares stock picks, including one he calls 'so darn cheap.'

The S & P 500 is "supported" by just seven mega-cap tech stocks right now — and it's starting to look a lot like the 1990s tech bubble, one analyst told CNBC on Wednesday. "The S & P 500 [is being] supported by a few expensive mega cap techs," said Eric Lynch, managing director of Scharf Investments.

Two of them are Asian stocks: Chinese search engine giant Baidu and Japanese conglomerate Sony . He said Baidu is "so darn cheap" and will benefit from China's reopening and the artificial intelligence trend.

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