Two stocks could be best Apple alternatives as iPhone maker hits records

, president of Strategic Wealth Partners, is more cautious than Wald on Apple after its outperformance.

"We own the stock, but we have been trimming as it goes higher. The stock has tripled over the last 18 months and it's not because they're growing earnings, there's been zero earnings growth over that time frame. It's all off multiple expansion," Tepper said during the same "Trading Nation" segment. The stock traded at less than 16 times forward earnings in March. It now trades at more than 32 times. Tepper said it looks to be valued as a software company even though the majority of its revenue is generated from lower-margin hardware sales.Qualcomm

is one that we like. It's trading at a 25% discount to the rest of the semiconductors, and it is a pure play on 5G. They're in Apple phones, they're in Samsung, they're in Huawei, so Qualcomm is the best pure play on the 5G rollout that's going to be coming up very shortly," said Tepper.Disclosure: Strategic Wealth Partners holds AAPL and QCOM.

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