Apple and Meta poised to be winners when tech market turns - Loup Ventures' Gene Munster
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Loup Ventures analyst Gene Munster said Wednesday that Apple (NASDAQ:AAPL) and Meta Platforms (NASDAQ:META) are well positioned to become leaders in the tech sector once interest rate increases slow and investor appetite for riskier stocks returns.
Speaking to CNBC, the Loup Ventures founder and managing partner predicted that riskier assets, like those in the tech space, will eventually "come back into favor," as economic conditions change, with AAPL and META poised for potential upside when that happens.
"If Apple cracks, people will view that as the bottom," he said. "I don't think we're going to that crack."
Munster pointed to lead times for iPhones, which are running higher than normal for this stage in the product cycle. This leads the analyst to conclude that the firm's business "continues to do well" despite the macro pressures.
For META, Munster said the Facebook parent "sticks out" as he sifts through "the bargain bin" of "large-cap tech that's going to be around for decades."
The Loup Ventures managing partner pointed to the metaverse as the main driver of long-term value for META. "If you believe there is a future operating system beyond mobile, then Meta is in a great place," he said.
Munster acknowledged the difficulty that tech has had during 2022, noting that rising interest rates have driven investors away from risk-on assets like tech. However, he argued that "it's important to look forward" and not get bogged down in the "havoc" that tech stocks have endured in 2022.
In terms of 2022 performance, META has fallen more than 60% since the end of last year. AAPL has held up better, with a decline of nearly 24% for 2022. 
Looking at some of the company's megacap peers, Google (GOOG)(GOOGL), Microsoft (MSFT) and Amazon (AMZN) have each lost about a third of their value in 2022. Tesla (TSLA) has fallen about 46%.

For another perspective about the future of the market, see why hedge fund manager David Einhorn predicts that value investing may be gone forever.