The Nasdaq rebounded in May for its best month this year, outperforming other major U.S. indexes. But companies switching to mobile payment, says Roger McNamee, co-founder of Elevation Partners, could pay off for the broader markets.
"The market's been adjusting all year long to this shift from the adoption of smartphones," McNamee told CNBC's "Squawk Alley" on Wednesday. "Adaptation of the economy to the prevalence of the smartphones is now the big opportunity."
Big enterprises are finally realizing that people young and old use a smartphone, McNamee said. Starbucks was ahead of the trend, he said, with an app that lets customers order and pay for drinks before entering the coffee shops.