Still like Apple's stock as it comes without hyperscaler risk: G Squared's Victoria Greene
Speakers
Victoria Greene
— Chief Investment Officer, G Squared Private Wealth; CNBC Contributor
Summary
Victoria Greene, CIO of G Squared Private Wealth, discussed how she is positioning in major technology and memory stocks ahead of earnings. She remains bullish on Apple, is cautious on Microsoft because of capex and Azure supply constraints, is neutral on Meta pending capex discipline, and is bullish on Sandisk and Micron due to memory pricing and data-center demand. The discussion also touched on hyperscaler debt, Apple's services and iPhone pricing power, and Meta's AI search position.
- Victoria Greene remains bullish on Apple as a diversified tech/AI play without hyperscaler risk.
- She has trimmed Microsoft and calls it a sell, citing Azure supply constraints and capex drag.
- She holds Meta but says its outlook hinges on the upcoming capex number.
- She is bullish on Sandisk and Micron, citing hardware constraints, pricing, and data-center demand.
- Memory names are noted as recently outperforming the Mag-7.
- Apple's services, iPhone pricing, and Google/Siri partnership are framed as offsets to memory cost inflation.
Ideas
Apple offers AI upside without hyperscaler risk
She still likes Apple a lot as a tech and AI play that avoids hyperscaler risk and massive debt loads. She points to strong Q4 phone sales, services and phone growth, pricing power, a diversified business, and the Google/Siri partnership as offsets to rising memory chip costs; she is excited about what Apple may do in 2026.
Microsoft faces capex and Azure constraints
She has been trimming Microsoft and calls it a sell, preferring to sit out and not buy if you do not already own it. She is concerned that Azure growth may be crimped by supply constraints, and that capex may continue to expand because of huge AI deals with Anthropic and OpenAI, while investors are growing tired of capex drag.
Meta is hold pending capex discipline
She is a hold on Meta as a quality name that dominates ads and social media and can drive higher ad prices, but the stock's outlook depends on the capex number. If Meta becomes more reasonable on capex after cutting Reality Labs, she would be a buyer; if it stays in an AI arms race and capex comes above expectations, the stock could be hurt. She also sees Meta losing some ground in pure-play AI search because Llama has lagged Gemini and others.
Memory pricing and demand support Sandisk, Micron
She is bullish on memory names Sandisk and Micron right now. She expects hardware constraints to keep driving pricing, sees huge demand and a still-ramping data-center buildout, and views their revenue as secure because memory goes into servers, smartphones, computers, and nearly everything being updated; she notes Western Digital's roughly 80% hyperscaler revenue exposure as evidence.
