U.S. tech stocks have been a minefield for investors this year, but hedge fund manager Dan Niles is optimistic on the sector elsewhere. Niles, who is founder and senior portfolio manager of the Satori Fund, told CNBC's "Street Signs Asia" Friday that his fund just bought some international tech stocks.
Niles explained that he prefers global tech right now because the U.S. Federal Reserve is still tightening, whereas in a "lot of the emerging market economies they're getting close to stopping the hikes." Meanwhile, China is implementing stimulus measures. "So to some degree if ... you don't want to fight the Fed, which I've been saying all year, then you don't want to fight the fact that now we're getting away from zero-Covid," he said.
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