Last 7 days was a big one for tech earnings, but it ended on a whimper as a collection of disappointments still left industry watchers questioning the strength of the tech rally. The week kicked off with positive earnings surprises from the likes of Meta and Highly developed Micro Devices , but finished with misses and detrimental outlooks from tech giants Alphabet , Apple and Amazon that paint a stressing image of shopper weakness and renewed fears of an economic slowdown. Buyers had been brief to react. Shares in Alphabet fell 2.8% and Amazon’s shares fell 8.4% on the identical working day. The Nasdaq Composite drop 1.6%. Only Apple reversed early losses to shut the session 2.4% larger. But marketplace veteran Kenny Polcari, main market strategist at SlateStone Prosperity, is even now bullish on Massive Tech. “We additional Significant Tech on weak spot, like Apple and Amazon, these stocks are acquiring arbitrarily dislocated. Apple did end up closing the day on Friday bigger even soon after their report, which just indicates to you that folks are continue to putting cash into Big Tech,” Polcari informed CNBC’s “Avenue Signals Asia” on Monday. Outside the house of the tech giants, his leading pick in the semiconductor place is Nvidia . “Semis is another sector that has totally taken off this yr. It is up double-digits since it experienced gotten so clobbered in 2022. So, I do assume you can find [an] chance for sure, but I you should not think you can go all in on Major Tech just yet,” he said. Nvidia is also a participate in on artificial intelligence, according to Polcari. It is a person of two broad themes he likes in tech, the other currently being cybersecurity. “I assume you really have to think about the role that synthetic intelligence is likely to enjoy but hasn’t played so far. It has built this quantum leap virtually overnight. I consider that puts it right smack in the entrance and heart of peoples’ portfolios,” he claimed. STPN – ‘Stuff that persons need’ But tech isn’t Polcari’s only way to enjoy the industry. In simple fact, his overall positioning is mostly defensive, with his most popular sectors getting what he phone calls STPN, or “stuff that persons will need.” “The bulk of the portfolio is heading to be obese in client staples and health care, utilities and energy, and then you are heading to make alpha all over the edge with some of the names that have gotten definitely overwhelmed up,” he mentioned. He thinks the current market has “gotten ahead of alone,” and now looks “a little bit overbought.” “The sector is betting that the Federal Reserve can pull off a tender landing — something I do not believe they can do, but I just consider it will be a for a longer period, more sluggish recession and not a goldilocks style of delicate recession,” Polcari reported. He believes energy will continue on to outperform this calendar year, with a complete China opening set to deliver world need increased. Against this backdrop, he likes oil giants these types of as ExxonMobil , Chevron , Schlumberger , and Halliburton