Data storage segments are key growth drivers for big-cap tech companies like Amazon, which posts quarterly results later this week. Legacy hardware firm Dell's roughly $67 billion acquisition of cloud computing company EMC shows the strong demand for growing storage businesses, Ng said.
Read MoreDell to buy EMC in deal worth about $67 billion
He contended semiconductor firms could struggle in this earnings cycle. The sector has seen record consolidation
amid sales sluggishness and sagging stock prices.
Investors should not judge the technology sector as a whole but focus on revenue growth for individual companies, added Sandy Lincoln, chief market strategist at BMO Asset Management, on "Power Lunch."