Tech stocks have had a rough year so far, but asset manager Patrick Armstrong believes investor interest in Big Tech could rebound next year. Armstrong, chief investment officer of wealth management firm Plurimi Wealth, has his money in the right place: his company owns shares of parent companies Google, Alphabet, and Apple. “I think Alphabet and Apple are [going to retain] their dominant market share. I think they have pricing power, but they’re consumer-focused stocks, and consumers are going to have a bit of a tough time in the environment next year,” Armstrong told CNBC Pro Talks last week. Even so, he said he expects these types of companies to generate profits of about 10% next year, “which is going to be attractive compared to an index that probably won’t be very profitable. Most of the growth stocks amid soaring inflation, rising interest rates and other headwinds have prompted investors to call for safer bets. Tech stocks have borne the brunt of the doomsday. close, with the tech-heavy Nasdaq Composite down about 30% this year. And Big Tech Alphabet shares have fallen 32% this year, while Apple has lost about 18% of its market capitalization over the same period. sha ky amid several bear market rallies that quickly ended, but Armstrong, whose Plu Global Equity Strategy fund rimi AI beat the MSCI World index to gain 8.2% in October, taking a more upbeat view. ‘Everybody wants to own’ Big Tech “As the end of the year approaches, I think Big Tech in general will see investors pour money into it. I think there’s going to be a headwind from the flow that everyone wants to own. There are large-cap tech companies coming out next year, so I don’t want to bet on any of them next month,” he said. In this area, he expects Apple’s stock price to trend higher over the next 12 months, driven by earnings growth. “I think the return is high in single digits, low in double digits for Apple, I’ll be comfortable with that. They won’t slow down their share buyback, which will be helpful for [earnings per share] Armstrong added. He’s not the only one optimistic about Apple. About 74% of analysts rate the stock as a buy, and think the stock’s average upside potential is 18.6%, according to FactSet data. More than 90% of analysts rate the stock as a buy, and they think the stock’s average upside potential is 28.9%.