Last week was a pivotal week for tech earnings, but it ended sadly as a series of disappointments led market watchers to question the strength of the tech rally. The week started with positive earnings surprises from companies like Meta and Advanced Micro Devices, but ended with setbacks and negative outlooks from tech giants Alphabet, Apple and Amazon, painting a worrisome picture of consumer weakness and renewed fears of a recession. Investors were quick to react. Shares of Alphabet fell 2.8% and shares of Amazon fell 8.4% on the same day. The Nasdaq Composite fell 1.6%. Only Apple reversed its initial loss to end the session 2.4% higher. But Kenny Polcari, market veteran and chief market strategist at SlateStone Wealth, remains bullish on Big Tech. “We’ve added Big Tech to the weakness, like Apple and Amazon, these stocks are being arbitrarily mixed. Apple ended Friday higher even after their report, this just suggesting to you that people are still pouring money into Big Tech,” Polcari told CNBC’s “Street Signs Asia” on Monday. Outside of the tech giants, his top pick in semiconductors is Nvidia. “Semis is another sector that has been completely successful this year. It’s gone double digits because it’s already so congested in 2022. So I think there will be [an] there’s definitely a chance, but I don’t think you can go all-in on Big Tech,” he said. Nvidia is also a game about artificial intelligence, according to Polcari. This is one of the two big topics he’s talking about. like in the field of technology. The other issue is network security.” I think you really have to consider the role that artificial intelligence will play but so far has not played. It made this quantum leap almost overnight. I think that puts it front and center in everyone’s portfolio,” he says. STPN – ‘Something people need’ But technology isn’t Polcari’s only way to do it. play in the market defensively, with his favorite areas being what he calls the STPN, or “things that people need,” he said, believing the market has been “ahead of itself.” ” and now it looks “a bit overbought”. landed softly — which I don’t think they can do, but I just think it’s going to be a longer, slower recession and not a recession. kind of soft recession like gold,” said Polcari. He believes energy will continue to outperform this year, with China’s full opening leading to higher global demand. likes oil giants like ExxonMobil, Chevron, Schlumberger and Halliburton