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Top tech investor Paul Meeks won’t put new money to work in Apple and other FAANG names, blames chip shortage that could extend through 2023
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cnbc.comThe hunt for a new phone or car may get more stressful.
Investor Paul Meeks warns Wall Street is underestimating the semiconductor shortage. He believes it'll take years instead of months to get resolved.
«This might be a problem that persists deep into 2023,» the Independent Solutions Wealth Management portfolio manager told "Trading Nation" on Friday.
Meeks, known for running the world's largest technology fund for Merrill Lynch during the dot-com bubble, expects a painful fallout.
«Some of these companies actually will not be able to ship units. And if they can't ship units, they might disappoint on their earnings,» he said. «Their stocks are so expensive that they could go down. Not go down a bit, they could go down a lot.»
While
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