Dan Niles revealed on Tuesday that he’s planning to buy some technology stocks that have underperformed the broader market this year. “They’re getting to levels where I’m probably going to force myself just based on the statistics to pick up some of the names I’ve been sort of waiting for on the tech side where I thought they were overvalued, and now they’ve kind of come back in as some of these fears get discounted in the market,” the founder of Niles Investment Management said on CNBC’s ” Money Movers .” The investor pointed to the performance of Apple and Alphabet , which were both in positive territory at the time in late morning trading. While shares of Alphabet were more than 2% higher in afternoon trading, shares of Apple pulled back 0.3%. Year to date, Alphabet is down nearly 10%, while Apple is off more than 5%, underperforming the broader market. The S & P 500 , meanwhile, has fallen more than 1% in the same period. “We’re getting to the point where stocks are getting discounted enough,” he continued. “I’ll probably force myself to buy some stuff later today in names that I’ve been waiting for.” AAPL GOOGL 1D mountain AAPL vs. GOOGL, 1-day Niles’ comments come as stocks sold-off during Tuesday’s session after U.S. President Donald Trump ‘s 25% tariffs on Mexico and Canada as well as an additional 10% tariff on Chinese goods took effect. “The tariff situation will get sorted out because … Mexico and Canada don’t have the cards,” the investor continued. “The [European Union] and China, those are going to be much more problematic things to sort through.” Additionally, Niles said he’s looking at other sectors outside of tech such as networking, mid-cap and value names, as well as domestic banks, that he believes will benefit from “moving all this [artificial intelligence] data around instead of AI infrastructure spend.” “I think it’s going to be a tough year. You’re going to need to be very adaptable to it,” Niles also said. “I’m looking at more the fundamental picture.”
