"Brace yourself" for more selling in technology stocks, warns Gene Munster, top tech analyst turned venture capitalist.
Tech giants, including Netflix, Amazon and Facebook, could see another big "step down" of 5 percent," Munster told CNBC's "Squawk Box," before the market opened Thursday, a day after the market plunge. Munster didn't elaborate on the timeline.
Munster, the founder of Loup Ventures, predicted the notable exception will be Apple, with Wall Street analysts expecting to see the average selling price of iPhones continuing to rise.
"I'm still bullish on the sector more broadly for other reasons," Munster said. "But the near term psychology has a way of playing itself out in historical patterns."
Munster argued in July that large-cap tech stocks as a whole are not a safe bet for investors anymore, saying at the time he expected a "divergence" in the next six to 12 months.
"Apple and Google are probably in the best camp," Munster told CNBC Thursday, with underpeformance from Netflix and Facebook.