The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Shares of Amazon are more attractive than Facebook stock because the e-commerce giant's long-term path to growth is clearer than the social network's road to future revenue gains, Josh Spencer, portfolio manager of the T. Rowe Price Global Technology Fund, said Wednesday.
Amazon has two routes to success with its online retail business and its Amazon Web Services unit, the market leader in cloud computing services, Spencer said. But in his view, it's hard to see the next leg of growth for Facebook.
He said he's not convinced its will pay off, though he acknowledged he could be wrong. Spencer also said he does not like to be viewed as betting against Facebook CEO Mark Zuckerberg.
"It's not so much taking something away from Facebook. It's just seeing opportunities elsewhere," he told CNBC's "Squawk on the Street."
To be sure, Facebook is still expanding its core business. In its latest quarterly report, it said advertising revenue surged 57 percent year over year to $5.2 billion.
Still, Spencer does not hold Facebook in the fund he manages, but he said he was an aggressive buyer of Amazon when the stock swooned in February.
While Amazon's track record has earned the company the benefit of the doubt, Spencer acknowledged investors must bear in mind its stock price. Shares of the e-commerce giant are trading at $724, close to an all-time high, with a lofty price-to-earnings ratio near 300.
At that price, the stock is less attractive than it was just a few months ago, Spencer said. However, it pays to buy Amazon on the pullbacks, he said.
"The fact that we sit here today with two giant businesses — the online retail business as well as the cloud computing business — is a testament to [CEO Jeff] Bezos' perseverance and his foresight, " Spencer said.
Disclosure: The analyst and his family own shares of Amazon. T. Rowe Price holds greater than a 1 percent share of the company.