September 27, 2022
Tech stocks have been pummeled this year but Apple is acting like a safe haven amid the turbulence, according to tech investor Gene Munster.
While the tech-heavy Nasdaq is down 28% for the year and big names like Meta and Netflix have dropped about 60%, Apple is down just 15% year to date.
“They are fundamentally in a good place with their products,” Munster, founder and managing partner at Loup Ventures, said Tuesday on CNBC’s “Squawk Box.” “We’ve checked iPhone demand over eight countries in the last day through lead times. They continue to be elevated.”
The company announced a host of new products earlier this month, including the iPhone 14. Longtime Apple analyst Ming-Chi Kuo recently noted the new phone’s popularity, specifically the Pro models. The iPhone Pro Max is the most popular model in the new lineup, he said in a Medium post.
While technology stocks have taken a big hit in 2022, Munster is predicting that 2023 will be a great year for tech. He anticipates putting more money to work in the sector over the next few months to capture that future upside.
“All the pain that we are seeing now is resetting growth rates. We are going to get back to higher growth rates,” he said. “If you have the luxury of owning some of these for a year plus, these are great opportunities.”