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Here's what Alphabet has to gain under Trump, according to VC Gene Munster

The Trump administration's plans to lower taxes on the repatriation of foreign cash has the biggest potential benefit for companies like Google's parent Alphabet, venture capitalist Gene Munster told CNBC on Friday.

"Google is a company that has a large part ... of their cash offshore right now, so there's an opportunity to bring some of that back," said Munster, managing partner at Loup Ventures. "I think more thematically how [President Donald] Trump has talked about technology hasn't been very supportive of some of that, but I don't think that changes the momentum that companies like Google and Facebook and Apple and Amazon can still do in terms of innovation."

Companies that don't sell hardware products like phones may be more affected by Trump's sentiment toward technology investing, Munster said. But while Alphabet posted mixed results with worse-than-expected earnings on Thursday night, Munster said its underlying search business is "right where it needs to be."

"Google is a great bellwether, and the health of Google, right now, is strong," Munster said on "Squawk on the Street."