Top 5 Technology Stocks to Buy According to Billionaire Cliff Asness

1. Apple Inc. (NASDAQ:AAPL)

AQR Capital Management’s Stake Value: $1,329,757,000

Percentage of AQR Capital Management’s 13F Portfolio: 3%

Number of Hedge Fund Holders: 128

Apple Inc. (NASDAQ:AAPL) remained the apple of AQR Capital Management’s eye at the end of Q2. Not only did the company retain its spot as AQR Capital Management’s top stock pick from the technology sector, but it also remained the fund’s favorite stock pick overall at the end of June. The surprising part of that achievement was that AQR Capital Management reduced its stake in Apple Inc. (NASDAQ:AAPL) by 6% to 9,852,970 shares between April and June.

On August 18, celebrated tech analyst and founder of Loup Ventures, Gene Munster, appeared on CNBC and said that based on his analysis, 70% of Apple Inc.’s (NASDAQ:AAPL) current product offerings are ‘necessities’ and not what one would consider ‘discretionary spending.’ Mr. Munster also talked about how far he thinks the stock can go from here, saying:

“I think that from an upside potential, I think there is still measurable upside, I think 40%+ upside over the next couple years, around $250.”

On the same day, Bank of America’s Chief Market Technician, Stephen Suttmeier, released a note to clients in which he mentioned that if Apple Inc.’s  (NASDAQ:AAPL) stock finds support near $157-$150 levels during a downturn, it will set a bullish head and shoulders continuation pattern. Mr. Suttmeier further argued that if that were to happen, the stock could march towards its December 2021 highs of $183 from $176, which will confirm the pattern and then the stock can see further upside to $230 levels.

You can also look at 10 Best Tech Stocks to Buy Now According to Lee Munder’s Hedge Fund and Levin Easterly Partners’ Latest Portfolio: Top 10 Stock Picks.

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