Fidelity's Efstathopoulos Buys Tech on the Dip, Adds India as Midterm Jitters Hit

What he did and why

George Efstathopoulos is leaning into weakness, treating the midterm-driven selloff as an entry point for growth. He said uncertainties from the US elections have widened the "disconnect between market valuations and fundamentals," and he is adjusting accordingly. "I am now trimming defensive positions, including utilities, to buy technology stocks in Asia and elsewhere, while adding some exposure to India for diversification," he said.

Market moves that mattered

Democrats securing majorities in both chambers of Congress reverberated across markets Wednesday on bets it could complicate President Donald Trump's agenda, then bargain hunters stepped in. Nasdaq 100 futures slid as much as 2.4% before rebounding.

His stance lines up with others who still like AI-linked earnings even as spending plans raise questions, and who are using markets such as India as a partial hedge because they are seen as less exposed to specific sector shocks.

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His view on tech

"In tech, I like memory and Nasdaq stocks," Efstathopoulos said. The reasoning: "Hyperscalers have reported strong earnings; the memory-chip cycle remains on a positive trajectory; and valuations are attractive."

Why it matters for your portfolio

This is a classic rotation play: lighten the safety gear to buy growth when headlines push prices below perceived value, while balancing with a market seen as more insulated. If the gap between prices and fundamentals narrows the way he expects, the pivot toward memory, Nasdaq names, and a measured India stake is designed to catch that upswing without abandoning diversification.

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