Dan Niles Warns Of 10% Market Correction, End Of Big Tech's Reign: Shorts Apple, Bets On Amazon
Portfolio Pulse from AJ Fabino
Hedge fund manager Dan Niles predicts a 10% market correction by year-end due to rising oil prices, inflation comparisons, and pressures on yields. He is shorting Apple Inc (AAPL) due to its three quarters of year-on-year declines and high P/E ratio, while betting on Amazon.com, Inc (AMZN) due to its strong revenue growth. Niles also noted a shift in the tech landscape, with big tech investing becoming more selective. He mentioned that AI-driven security threats are causing companies to increase their security spending.
August 04, 2023 | 5:15 pm
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NEGATIVE IMPACT
Dan Niles is shorting Apple due to its three quarters of year-on-year declines and high P/E ratio.
Niles' prediction of a market correction and his decision to short Apple due to its declining performance and high P/E ratio could negatively impact the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Despite market apprehensions, Dan Niles is betting on Amazon due to its strong revenue growth.
Niles' positive outlook on Amazon due to its strong revenue growth could boost the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100