Extensively adopted investor Dan Niles on Tuesday revealed his prime inventory picks for 2024, together with considered one of 2023’s prime performers. The founder and senior portfolio supervisor of the Satori Fund chosen two names from the so-called Magnificent Seven megacap tech shares as his favored shares for the brand new 12 months — Amazon and Meta Platforms . Amazon tends to realize market share throughout a recession, and the e-commerce large has potential to develop revenue margin into 2024 based mostly on the capability it constructed throughout the pandemic, Niles stated on CNBC’s ” Squawk Box .” Meta bull Meta, which was Niles’ prime choose final 12 months and the second-best performer within the S & P 500, remains to be low-cost in comparison with different standard know-how darlings like Apple , he stated, noting that Meta trades at 25 instances ahead earnings. “Apple had negative 1% growth this past year and you can buy that at 30 times. So I think Meta is a good defensive play,” Niles stated. Apple fell greater than 3% Tuesday after Barclays downgraded the inventory and trimmed its value goal, saying weakening iPhone 15 gross sales have been seemingly a warning signal for iPhone 16 gross sales and broader {hardware} projections. Niles advised CNBC that he was quick and lengthy Apple at varied factors final 12 months. The hedge fund supervisor stated that, on prime of Meta’s synthetic intelligence efforts, the tech agency may gain advantage from elevated advert spending throughout the election 12 months. “They’re using AI really well to increase the monetization of their ads, and they’re also using it to increase recommendation other videos but don’t forget, we’ve got an election coming up and this is probably going to be one of the most hotly contested elections we’ve ever seen. So a lot of money’s gonna pour into the online ad market,” he stated. Shares of Meta rallied a whopping 194% final 12 months. META 1Y mountain Meta shares 1-year chart ETFs The hedge fund investor can also be bullish on SPDR S & P Biotech ETF (XBI), which tracks greater than 120 biotech firms. Niles stated the fund ought to begin to outperform after lagging the marketplace for three years. Niles can also be favoring KraneShares CSI China Web ETF (KWEB), which has been within the purple since 2021 resulting from Beijing’s crackdown on Chinese language web and tech firms. The investor stated the highest holdings in KWEB — Baidu , Alibaba and Tencent — are a lot cheaper than megacap names within the Magnificent Seven. “You can buy them at 13 times PE off 24 numbers for comparison, The Magnificent Seven, you’re paying 34 times,” he stated.