Tech high flyers could soar 10% or more in 2018, investor Paul Meeks says

One of the dot-com boom's biggest investors says he hasn't been this bullish on tech in years.

Paul Meeks, who ran Merrill Lynch's technology and internet funds, predicts this year's high-flying tech stocks will soar 10 percent more regardless of market conditions.

"I actually think that technology will outperform the S&P 500 next year," Meeks said Monday on CNBC's "Trading Nation." "I believe in technology, particularly in key industries like public cloud computing."

The Nasdaq has been having a banner year — rising nearly 28 percent. The index closed up by a half percent to 6875.08 on Monday, helping it recoup recent losses.

Plus, the Nasdaq 100 extended its win streak to five.

Meeks singles out FANG stocks — Facebook, Amazon, Netflix and Google parent Alphabet — as likely winners again.

"I do believe they're going to outperform again," said Meeks, chief investment officer for Sloy, Dahl and Holst.

He's most bullish on Facebook and Google. Shares of the social media giant have surged 55 percent so far this year, while the internet stock rose nearly 33 percent.

"I don't think they're too expensive," he said. "The P/E ratios of both Facebook and Google are actually not outrageous at all."

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

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Sara Eisen joined CNBC in December 2013 as a correspondent, focusing on the global consumer. She is co-anchor of the 10AM ET hour of CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET), broadcast from Post 9 at the New York Stock Exchange.

In March 2018, Eisen was named co-anchor of CNBC's "Power Lunch" (M-F, 1PM-3PM ET), which broadcasts from CNBC Global Headquarters in Englewood Cliffs, N.J.

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