Cyclical tech stocks that depend on a broader base of corporate spending—including Oracle, Hewlett-Packard and IBM—are poised to outperform as the business cycle enters an upswing, Fundstrat Global Advisors' head of research and managing partner said.
However, investors may have to be patient.
"I think the cyclically oriented piece is the area that can get some signs of life as investment spending rises, but it may take a while," Lee told CNBC's "Squawk on the Street."
Moves this month in shares of Apple, Facebook, Google and Amazon.com are largely responsible for delivering the Nasdaq its best five-day stretch since October last week, CNBC's Bob Pisani observed Monday. The Nasdaq 100's market capitalization is $5.4 trillion, and those four stocks account for roughly 31 percent of its value.
Lee acknowledged that technology spending excluding the medical sector has been nominally flat for almost 15 years. He said that is due in part to lack of inflation, but that could soon change.
"This is the year you could finally look back and say wages are picking up, housing is picking up," he said. "The sense that we don't have to worry about deflation is ending, I think that gives businesses a lot more confidence about spending and expanding, and that should boost tech spend."
At present, a sense of confusion prevails among large investors, Lee added, noting that while the market hit new highs last week, people weren't very excited. "People are still offsides. The macro got people very cautious, and as a consequence, there's a bit of a chase going on to momentum names."
The moves in big tech names are being magnified because with earnings season in full swing, investors are focused on who is beating estimates consistently, he said. "I don't think it changes the story that the bull market is still in tech. I just think the broadening will take place later."
—CNBC's Bob Pisani contributed to this story.