Facebook parent Meta Platforms was probably the least loved megacap tech stock before its slide over its weak first-quarter outlook, but its sheer size meant it was a widely owned holding — according to FactSet, 1,560 funds that have filed 13-F reports for the period ending Dec. 31 held the stock.
Yiu isn’t dismissive of the metaverse but he says there are better alternatives, such as graphics chip maker Nvidia NVDA, +1.91%. “We would rather have Nvidia, which is doing quite well outside of the metaverse, and if the metaverse is going to come, it’s going to take a good chunk of that,” he says.
More broadly, Yiu says it’s a difficult environment and one where you have to be highly selective. He contrasts a company such as Peloton Interactive PTON, +1.64% — which he says might not exist in a year’s time if it isn’t taken over by Nike or Amazon, given the cash it’s burning — with companies such as Microsoft MSFT, +1.14% and Google. “At the moment, it’s quite chaotic in the market.
NCR NCR, +12.14% is due to surge, as the point-of-sale software maker said it’s conducting a strategic review.
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