'We haven't seen the bottom in this correction': Dan Niles names 2 tech stocks to ride out a potential recession

📆 13/08/2024 00:37:00
📰 CNBC

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Dan Niles' two Big Tech picks have beaten expectations, while the rest of the 'Magnificent Seven' appear to be falling behind.

Hedge fund manager Dan Niles is betting on Apple and Meta Platforms as two stocks that can ride out a potential U.S. recession. Niles, who runs an actively managed fund of 20 to 40 large-cap U.S. stocks at Niles Investment Management , stressed that while a recession is not his base case scenario, investors should focus on companies capable of navigating challenging economic conditions.

line This contrasted sharply with other tech giants like Google and Microsoft , which showed no growth in quarterly EPS figures. Amazon saw its stock prices decline after issuing lackluster forward guidance , and Tesla shares have been on a downward trajectory since it announced a delay to its robotaxi service . Apple Niles expects strong revenue growth in the coming year as consumers upgrade to AI-enabled iPhones.

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