Hedge fund manager Dan Niles says it's too early to buy beaten-up megacap tech stocks

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Hedge fund manager Dan Niles sees this week's tech sell-off as confirmation the trade is in significant trouble.

Hedge fund manager Dan Niles sees this week's tech sell-off as confirmation the trade is in significant trouble. Niles sees the market's response to Google parent Alphabet 's quarterly results as evidence investors are getting impatient. Shares tumbled 5% on Wednesday.

"Now, I'm actually wondering if we do get a down sequential quarter at some point next year because these big, massive tech companies are admitting they're probably overbuilding right now." Niles, a former Wall Street semiconductor and computer hardware analyst, also see risks stemming from frothiness in China.

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