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The recent downturn in technology stocks has not hit bottom, UBS computer hardware analyst Steven Milunovich said Tuesday.
The Nasdaq composite, heavily weighed with tech shares, is flirting with a bear market, defined by a decline of 20 percent or more from recent highs. Ahead of Tuesday's trading, the index was off 18 percent from its latest high in late July.
"I'm not making a huge case for old tech," he added in the "Squawk Box " interview. "[But] we think money is going to flow to companies that actually have some earnings and free cash flow."
In the past three months, investors have been shunning "old tech" and "new tech" alike. As of Monday's close, Apple has dropped 21 percent and HPE has dropped 13 percent over the last 90 days.
During the same period, the "new tech" FANG stocks — Facebook, Amazon, Netflix, and the Google unit of Alphabet — have also fallen out of favor, with Facebook off 7 percent, Amazon down 26 percent, Netflix off 27 percent, and Google-parent Alphabet down 7.5 percent.
In the long-term, these FANG platform companies "are the ones to be in," said Milunovich, who's covered the computer industry for 25 years.
But even with the secular trends against them, he argued that there are trading opportunities around HPE and Apple, neither of which he owns personally. "I think [Apple] is very cheap here," he said, with the stock at $95 per share as of Monday's close.
Cathie Wood, chief executive of ARK Invest, agreed with Milunovich about the FANG-type stocks being the future. "I think there's going to be an accelerated shift towards the new technologies. That's what always happen when we get into a period of uncertainty," she told "Squawk Box."
Citing similar moves in the market turmoil of 2008 and 2009, she made her current case based around the barriers to entry for the Googles, the Amazons, and the LinkedIns of the world.
LinkedIn shares lost 40 percent Friday, after issuing weaker than expected forward guidance. However, the online network for professionals did beat on earnings and revenue in the fourth quarter.
Wood said her firm, which offers actively managed ETFs based on its research, bought 2,800 LinkedIn shares on Friday. "It gave us a great opportunity to increase our position."