Last week was a big one for tech earnings, but it ended with a laugh as a string of disappointments left market watchers questioning the strength of the tech rally. The week kicked off with positive earnings surprises from the likes of Meta and Advanced Micro Devices, but ended with misses and negative outlooks from tech giants Alphabet, Apple and Amazon that paint a worrying picture of consumer weakness and renewed fears of economic slowdown. Investors were quick to react. Shares in Alphabet fell 2.8% and Amazon shares fell 8.4% on the same day. The Nasdaq Composite fell 1.6%. Only Apple reversed early losses to close the session 2.4% higher. But market veteran Kenny Polcari, chief market strategist at SlateStone Wealth, is still bullish on Big Tech. “We add Big Tech on the weakness, like Apple and Amazon, these stocks are dislocated arbitrarily. Apple closed Friday higher despite the report, which only suggests that people are still putting money into Big Tech,” Polcari told CNBC “Street Signs Asia” is there. Outside of the tech giants, the top pick in the semiconductor space is Nvidia. “Semis is another sector that has finished this year. It is going up twice because it has been clobbered in 2022. So, I think there [an] opportunities for sure, but I don’t think you can go all in Big Tech just yet,” He said. Nvidia also plays in Artificial Intelligence, according to Polcari. It’s one of the two broad themes that he likes in tech, the other is cybersecurity.” I think you have to consider the role that artificial intelligence will play but hasn’t played so far. It has made this quantum leap almost overnight. I think that puts it right smack in the front and center of people’s portfolio, “he said. STPN – ‘Things that people need’ But tech is not the only way Polcari plays the market. In fact, the overall position is generally. defensive, with the preferred sector is what called STPN, or “things people need.” around the edges with some names that have gotten really beaten up, “he said. He believes that the market has “got ahead of itself,” and now appears “a bit overbought. “The market has bets that the Federal Reserve can pull off a soft landing – something I don’t think they can do, but I just think it will be longer, more sluggish recession and not the goldilocks type of soft recession, “said Polcari. He believes that energy will continue to outperform this year. , with the complete opening of China to send higher global demand as a background, he likes oil giants such as ExxonMobil, Chevron, Schlumberger, and Halliburton .