Tech Titans Get Cold Shoulder

Apple's disappointing iPod sales figures in the fourth quarter don't offer an encouraging sign to that end, but the company also reported strong Mac shipments in the fourth quarter.

Pat Adams, chief investment officer of Choice Funds, says he's incredibly bullish about large-cap tech, particularly in light of the Federal Reserve's string of interest rate cuts.

"What excites me is that without a question all this stimulus is going to turn the economy domestically. So we have probably a valuation sentiment shift for this year, and then a big earnings kick next year," says Adams.

And with the current tech stock valuations looking "obscenely cheap," Adams says he's picking up various names, particularly in the beaten-down semiconductor sector.

"I can't tell you what's going to happen over the next 15 minutes, but if you take a time horizon over the next three months to six months to 12 months, there's a lot of upside," he says.

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