10 Consumer Technology Stocks to Invest In According to Ken Fisher

Published April 8, 2022 at 2:57 pm EDT Updated August 19, 2026 at 7:46 am EDT

In this piece, we will take a look at the top ten consumer technology stocks to invest in according to Ken Fisher’s Fisher Asset Management.

Ken Fisher is an American billionaire who is at the helm of affairs at Fisher Asset Management, one of the largest hedge funds in the world. Mr. Fisher set up his investment firm in 1979 and since then he has seen it grow into what can only be described as a behemoth in the financial world.

The billionaire hedge fund executive graduated with a degree in economics in 1972, even though he had initially planned to study forestry at a community college. Among his billionaire hedge fund peers, Mr. Fisher is one of few who has a diverse theoretical background and interests that are related primarily to the finance and investment sector. He is well known for having written a column for the illustrious Forbes Magazine for 33 years, making him Forbes’ longest contributor.

Apart from his columns, Mr. Fisher is also responsible for some of the financial ratios that are now commonplace in the industry. The most well known ratio out of these is the price to sales ratio, which measures the percentage of a company’s share price that is justified through its net sales. The P/S ratio is now taught across universities and analyst certification courses. He is also one of the pioneers of offering his clients the chance to invest in what are known as “small cap” companies. Prior to Mr. Fisher’s identification, there was no clear definition of the sector.

This trailblazing approach has reaped Mr. Fisher billions of dollars in dividends (the non-balance sheet kind). According to Forbes Magazine, the 71 year old investor’s real time net worth as of April 7, 2022, was equal to $5.4 billion, making him one of the richest people in the world. Mr. Fisher reigned supreme at Fisher Asset Management from 1979 to 2016 as its chief executive officer (CEO). In 2016, he stepped down as CEO but still continues to play a pivotal role at the firm by serving as its executive chairman and co chief investment officer.

While Fisher Asset Management, formally known as Fisher Investments, is headquartered in Camas, Washington, United States, the firm has a global presence. It has a presence in the United Kingdom, Germany, Dubai, Japan, Ireland, and Australia. Additionally, it translates its content to meet the need of a diverse customer base, with Fisher Investments’ content available in 11 different languages apart from English.

The investment firm’s portfolio is also among the largest in the world, and according to Insider Monkey’s research, it was worth $178 billion as the fourth quarter of last year came to an end. In today’s coverage, we will zero in on Fisher Asset Management’s top stock picks in the consumer technology sector. This sector has some of the firm’s largest investments, with the top three being in Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Amazon.com, Inc. (NASDAQ:AMZN).

Our Methodology

To pick out Fisher Asset Management’s top consumer technology stocks, we dug through the firm’s filings with the Securities and Exchange Commission for the fourth quarter of last year. This enabled us to identify the companies, following which they were analyzed through their earnings reports, analyst opinion, investor letters, large shareholdings, and hedge fund sentiment gleaned through Insider Monkey’s Q4 2021 survey of 924 hedge funds.

10 Consumer Technology Stocks to Invest In According to Ken Fisher’s Fisher Asset Management

10. Block, Inc. (NYSE:SQ)

Fisher Asset Management’s Stake Value: $547 million

Percentage of Fisher Asset Management’s 13F Portfolio: 0.3%

Number of Hedge Fund Holders: 96

Block, Inc. (NYSE:SQ) is a financial payments firm based out of San Francisco, California. Its technologies allow consumers to make payments via a variety of mechanisms such as magnetic stripe cards, tablet computers, near field communications systems that are embedded in smartphones, and a software application for sending and receiving money.

Fisher Asset Management owned 3.3 million Block, Inc. shares during the fourth quarter of last year. These were worth $547 million and represented 0.3% of its investment portfolio. During the same time period, 96 of the 924 hedge funds polled by Insider Monkey had also owned a stake in the company.

Block, Inc. reported $4 billion in revenue and $0.27 in non-GAAP EPS for its fiscal fourth quarter, impressing Wall Street and beating analyst estimates for both. KeyBanc raised the company’s price target to $180 from $175 in April 2022, outlining that strong industry deals and a positive outlook for the financial technology sector will bode well for the company.

Block, Inc.’s largest investor is Catherine D. Wood’s ARK Investment Management which owns 6 million shares worth $997 million.

RiverPark Funds mentioned the company in its Q1 2021 investor letter. Here is what the fund said:

“We established a position in leading Financial Technology provider Block, Inc. during the quarter. Through one integrated system, Block, Inc. is a hybrid of two businesses: its Seller Business (charging small and medium-sized businesses about 3% for transaction payment processing, plus other services such as instant funds access, and software for everything from customer engagement to payroll), and its Cash App (originally for person-to-person cash transfers and now a growing digital financial services provider for consumers).

The combined business has grown gross profit at a 37% CAGR over the past five years to $2.7 billion (due to pass through costs, gross profit is more reflective of top-line growth) and we believe that Block, Inc. has an enormous long-term runway, as it has less than a 2% share of a more than $160 billion market. It is our view that the company’s Cash App (which has grown from nothing in 2015 to $1.2 billion gross profit last year) has a particularly large opportunity with its powerful ecosystem of digital financial services including digital wallets, direct deposits, stock trading, bitcoin trading, and business and tax services, which are all relatively new. The vast majority of Cash App’s more than 36 million users are younger and, importantly, are willing to replace their bank and other financial services accounts with the app.

We estimate that Block, Inc. can grow its gross profit more than 30% and EBITDA more than 50% annually for the foreseeable future, and while most of the company’s current profit is from its Seller Business, we believe most of the company’s future value will be from its Cash App business.”

Along with Microsoft Corporation, Apple Inc., and Amazon.com, Inc., Block, Inc. is a favorite Fisher Investment stock pick.

9. Uber Technologies, Inc. (NYSE:UBER)

Fisher Asset Management’s Stake Value: $635 million

Percentage of Fisher Asset Management’s 13F Portfolio: 0.35%

Number of Hedge Fund Holders: 153

Uber Technologies, Inc. (NYSE:UBER) is a ridesharing services provider that uses its software application to connect consumers looking for a ride with drivers willing to offer it. Additionally, it also provides delivery services and is expanding into the electric vertical take off and landing vehicle market.

For its fiscal fourth quarter, Uber Technologies, Inc. raked in $5.7 billion in revenue and $0.44 in GAAP EPS, beating analyst estimates for both. Mizuho kept a $72 price target for the company in April 2022, stating that the company will pass additional costs from a recent law passed by Washington state down to the consumer.

Mr. Fisher’s investment firm held a $635 million stake in Uber Technologies, Inc. during Q4 2021. This came via 15 million shares and represented 0.35% of its portfolio. During the same time, 153 of the 924 hedge funds polled by Insider Monkey had also invested in the firm.

Chase Coleman and Feroz Dewan’s Tiger Global Management LLC is Uber Technologies, Inc.’s largest investor through a $756 million stake that comes from owning 18 million shares.

ClearBridge Investments mentioned the company in its Q3 2021 investor letter and outlined that:

“We have also been looking for multiyear secular trends outside of the IT and Internet sectors to help us maintain a portfolio that can perform well in markets with varied sector or factor leadership. In particular, electrification of the global economy and the transition to electric vehicles (EVs) are areas where we continue to add exposure. We are investing in the brains behind EVs through NXP in the control center and Aptiv for safety features. Global rideshare leader Uber Technologies, Inc. will also be a key player in the transition from internal combustion engines to EVs.”

8. Intel Corporation (NASDAQ:INTC)

Fisher Asset Management’s Stake Value: $775 million

Percentage of Fisher Asset Management’s 13F Portfolio: 0.43%

Number of Hedge Fund Holders: 72

Intel Corporation (NASDAQ:INTC) is the largest semiconductor firm in the world that is responsible for both designing and manufacturing central processing units and graphics processing units. These are used by the everyday consumer in products such as notebook computers and desktop PCs.

Intel Corporation reported $19.5 billion in revenue and $1.09 in non-GAAP EPS as its fiscal fourth quarter came to an end, enabling it to beat analyst estimates for both. Raymond James cited optimism about the company’s share price in February 2022, as it upgraded the share rating to Market Perform. It justified the decision by claiming that the shares should not significantly underperform the market in the near future.

Fisher Asset Management held 15 million Intel Corporation shares worth $775 million during the fourth quarter of last year. 72 out of the 924 hedge funds part of Insider Monkey’s Q4 2021 survey owned a stake in the company.

Intel Corporation’s largest investor according to Insider Monkey’s research is Seth Klarman’s Baupost Group. It holds 18 million shares for a $928 million stake.

Third Point Management mentioned Intel Corporation in its fourth quarter 2021 investor letter. Here is what the fund said:

“2021 was a highly productive year for Intel‘s new CEO, Pat Gelsinger. Despite the stock’s tepid results, we see a compelling, underappreciated fundamental story. Intel’s “brain drain” – a key part of our thesis when we first sought to help the company confront its long-time underperformance – appears to be reversing. Since joining Intel, Mr. Gelsinger has not only brought back prominent Intel former employees but has also attracted talents from competitors such as Advanced Micro Devices, Inc. (NASDAQ:AMD), Nvidia, Apple, and, most recently, Micron’s stellar Chief Financial Officer, David Zinsner.

We are encouraged by Intel Corporation’s aggressive investment plan, including a recently announced fabrication plant in Ohio and acquisition of Tower Semiconductors. We knew from the start that Intel’s turnaround would be complex and lengthy, and we have been pleased to see Mr. Gelsinger sacrifice near-term earnings for long-term growth.

Finally, after a series of blunders across its PC and Server product lines, Intel is finally receiving good reviews for one of its upcoming processors: Alder Lake. Tom’s Hardware, a preeminent hardware publication, called Alder Lake “a cataclysmic shift in Intel Corporation’s battle against AMD’s potent Ryzen 5000 chips.” While this is just one product across a broad lineup, and given it will take time to achieve leadership across them all, we are encouraged by these tangible signs of progress under Mr. Gelsinger’s leadership. With talent returning, an improving product suite, and a willingness to invest for growth, we believe Intel’s prospects have turned the corner. We expect that the company’s upcoming analyst day will be an ideal time for Mr. Gelsinger to articulate the progress he has made and begin to reset expectations for the company.”

7. NVIDIA Corporation (NASDAQ:NVDA)

Fisher Asset Management’s Stake Value: $1.5 billion

Percentage of Fisher Asset Management’s 13F Portfolio: 0.84%

Number of Hedge Fund Holders: 110

NVIDIA Corporation (NASDAQ:NVDA) is an American company that designs and sells graphics processing units (GPUs). These are used by both enterprises and everyday consumers, with the latter using them for a variety of purposes such as rendering and creating content alongside running video games.

Fisher Asset Management’s Q4 2021 stake in NVIDIA Corporation was worth $1.5 billion, making it the company’s largest investor according to Insider Monkey’s research. This stake came through 5.1 million shares. 110 of the 924 hedge funds surveyed by Insider Monkey during the same time period had also held the company’s shares.

By the end of its fiscal fourth quarter, NVIDIA Corporation reported $7.6 billion in revenue and $1.32 in non-GAAP EPS beating analyst estimates for both. Tigress Financial raised the company’s share price target to $410 from $400 in March 2022, as it shared its belief that NVIDIA Corporation has a strong hold on artificial intelligence, enabling it to become a world leader in the technology.

Harding Loevner mentioned the company in its third quarter 20221 investor letter and outlined that:

“The proliferation of devices using chips, whether EVs, “things” in lol, or embedded systems more generally, results in the generation of oceans of data potentially needing to be stored, processed, and analyzed. NVIDIA, the leading chip designer wellknown for its graphic processing units and its complementary CUDA software ecosystem, is at the forefront of the effort to provide the analytical platform needed to unlock the full potential of such specialist processors.”

6. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Fisher Asset Management’s Stake Value: $2.8 billion

Percentage of Fisher Asset Management’s 13F Portfolio: 1.6%

Number of Hedge Fund Holders: 69

Advanced Micro Devices, Inc. is a personal computing firm that designs and sells both central processing units (CPUs) and graphics processing units (GPUs). These are used in computers and gaming consoles, both of which are consumer devices used for a wide variety of productivity and entertainment applications.

By the end of its fiscal fourth quarter, Advanced Micro Devices, Inc. had brought in $4.8 billion in revenue and $0.92 in non-GAAP EPS for a record setting set of results that also beat analyst estimates. Building upon its recent strategy of acquisitions, the company announced in April 2022 that it would acquire an enterprise computing firm for $1.9 billion.

Mr. Fisher’s investment firm had a $2.8 billion stake in Advanced Micro Devices, Inc. during the fourth quarter of last year which came in the form of 19.9 million shares in Q4 2021. During the same time period, 69 out of the 924 hedge funds polled by Insider Monkey had invested in the firm.

Carillon Tower Advisers commented on Advanced Micro Devices, Inc. in its Q4 2021 investor letter, outlining that:

“Advanced Micro Devices (AMD) supplies semiconductor chips for central processing units (CPUs) and graphic processing units (GPUs). The firm has been gaining share against its primary competitor in the datacenter server CPU space, as this rival has been unable to match the design and manufacturing capabilities of AMD and its partners. Investors are also looking forward to the closing of the previously announced merger with a semiconductor manufacturer that is another one of the portfolio’s holdings. The merger will increase AMD’s capabilities in the Field Programmable Gate Array (FPGA) chip space, and the combined company should possess the potential to win additional market share in the datacenter chip market.”

Advanced Micro Devices, Inc. joins Apple Inc., Microsoft Corporation, and Amazon.com, Inc. in the list of Mr. Fisher’s favorite consumer technology stocks.

5. Meta Platforms, Inc. (NASDAQ:FB)

Fisher Asset Management’s Stake Value: $3.2 billion

Percentage of Fisher Asset Management’s 13F Portfolio: 1.8%

Number of Hedge Fund Holders: 224

Meta Platforms, Inc. (NASDAQ:FB) is a communications technology company headquartered in Menlo Park, California, United States. It offers a host of services that allow consumers to stay in touch with each other and share their daily lives with family and friends. The company also sells gadgets such as virtual reality headsets.

Fisher Asset Management held 9.5 million Meta Platforms, Inc. shares during Q4 2021. These were worth $3.2 billion and they represented 1.8% of its investment portfolio. During the same time period, 224 of the 924 hedge funds polled by Insider Monkey had also held a stake in the company.

Meta Platforms, Inc. brought in $33 billion in revenue and $3.67 in GAAP EPS by the end of its fiscal fourth quarter, in a mixed bag of results that saw it beat analyst revenue estimates but miss them for EPS. UBS raised its share price target to $300 from $280 in April 2022, as it outlined that expected earnings weakness is already priced into the share price and that changes made by the company to its services will reap dividends next year.

Meta Platforms, Inc.’s largest investor after Fisher Investments is Boykin Curry’s Eagle Capital Management. It owns 6.9 million shares that are worth $2.3 billion.

Boyar Value Group mentioned the company in its fourth quarter 2021 investor letter. Here is what the fund said:

“Corporate executives can have many different reasons for selling shares (anticipation of tax law changes, philanthropy, diversification, and much more), but the sheer number of billionaire founders who sold shares in 2021 should raise eyebrows and might well be signaling a market top. Bloomberg’s Ben Steverman and Scott Carpenter report not only that Mark Zuckerberg of Meta Platforms Inc. (formerly known as Facebook) sold shares in his company almost every day last year but also that the founders of Google sold ~$3.5 billion worth of stock (the first time either Sergey Brin or Larry Page has sold shares since 2017).”

4. Alphabet Inc. (NASDAQ:GOOG)

Fisher Asset Management’s Stake Value: $5.6 billion

Percentage of Fisher Asset Management’s 13F Portfolio: 3.15%

Number of Hedge Fund Holders: 158

Alphabet Inc. (NASDAQ:GOOG) is the holding company of Google, which is best known for its online search engine. Google has a variety of services such as YouTube and Gmail. Additionally, it also sells consumer electronics products such as smartphones and speakers.

For its fiscal fourth quarter, Alphabet Inc. reported $3.5 billion in revenue and $30.69 in GAAP EPS, beating analyst estimates for both. Tigress Financial raised the company’s price target to $3,670 from $3,540 in March 2022, as it stated that the company’s investments in artificial intelligence will enhance its services for consumers and businesses.

Fisher Investments owned 1.9 million Alphabet Inc. shares during the fourth quarter of last year. These were worth $5.6 billion and represented 3.15% of its investment portfolio. Insider Monkey’s Q4 2021 survey of 924 hedge funds revealed that 158 had invested in the firm.

Chris Hohn’s TCI Fund Management is Alphabet Inc.’s largest investor. It owns 2.9 million shares worth $8.5 billion.

Vulcan Value Partners mentioned the company in its fourth quarter 2021 investor letter. Here is what the fund said:

“In contrast, we made a different kind of mistake about a decade ago. Google, now Alphabet, performed very well for us while we owned it. The company kept outperforming our assumptions and we kept lowering them to be conservative. “Trees do not grow to the sky.” The stock kept going up and our value grew but did not keep pace with the stock. It hit our estimate of fair value and we sold it with a nice gain, patting ourselves on the back. We kept following the company and what they actually did over the next several years was roughly double the assumptions we used to value it. Therefore, our value was too conservative, and we sold it too cheaply, missing many years of compounding. Fortunately, we experienced some volatility several years ago that allowed us to purchase Alphabet (Google) again with a margin of safety.”

3. Amazon.com, Inc. (NASDAQ:AMZN)

Fisher Asset Management’s Stake Value: $7.2 billion

Percentage of Fisher Asset Management’s 13F Portfolio: 4.04%

Number of Hedge Fund Holders: 279

Amazon.com, Inc. is primarily known for its online marketplace that connects buyers with a large variety of sellers, both large and small. The company also offers consumer electronics products such as readers and smart speakers.

Mr. Fisher’s investment firm held a $7.2 billion stake in Amazon.com, Inc. as the fourth quarter of last year came to an end. This came via 2.1 million shares and represented 2.04% of its investment portfolio. Insider Monkey’s research covering 924 hedge fund holdings for the same time period revealed that 279 had owned the company’s shares.

Amazon.com, Inc. earned $27.75 in EPS and $137 billion in revenue for its fiscal Q4, missing analyst revenue estimates and beating them for revenue. The company’s satellite internet division Kuiper, which aims to provide both ordinary users and firms with internet coverage, announced a mega launch contract with three different companies in April 2022.

Boykin Curry’s Eagle Capital Management is Amazon.com, Inc.’s largest investor after Fisher Investments, holding 677,828 shares that are worth $2.3 billion.

Davis Funds mentioned the company in its fourth quarter 2021 investor letter. Here is what the fund said:

“Within the traditional growth category, growing euphoria has led to bubble prices for many companies, most especially those with new and unproven business models such as those discussed above. In contrast, our research focuses on a select handful of proven growth stalwarts whose shares still trade at reasonable valuations. For example, because of concerns about future litigation and regulation, several dominant internet businesses, including Amazon, trade at steep discounts to many unproven and unprofitable growth darlings that, in our view, trade at euphoric prices. While we expect a continued barrage of negative headlines around the company, as well as increased regulation in the years ahead, we do not expect a significant decline in its long-term profitability.”

2. Microsoft Corporation (NASDAQ:MSFT)

Fisher Asset Management’s Stake Value: $9 billion

Percentage of Fisher Asset Management’s 13F Portfolio: 5.05%

Number of Hedge Fund Holders: 262

Microsoft Corporation is an American company best known for its Windows operating system which has enabled it to become one of the largest firms in the world. Not only is Windows the most widely used operating system in the world, but Microsoft Corporation has diversified its business over the years and now sells gaming consoles and notebook computers.

For its fiscal second quarter, Microsoft Corporation managed to post $51 billion in revenue and $2.48 in GAAP EPS, beating analyst estimates for both. Morgan Stanley kept a $372 price target for the company in February 2022, as it outlined that the company is on target to meet an EPS compounded annual growth rate of 18% for the next couple of years.

By the end of December 2021, Fisher Asset Management owned 26.8 million Microsoft Corporation shares for a $9 billion stake that made up 5.05% of its investment portfolio. Insider Monkey’s Q4 2021 survey of 924 hedge funds revealed that 262 had bought stakes in the company.

After Fisher Asset Management, Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is Microsoft Corporation’s largest investor. It owns 17 million shares that are worth $5.7 billion.

Motiwala Capital mentioned the company in its fourth quarter 2021 investor letter, stating that:

“Microsoft (NASDAQ:MSFT) re-enters our portfolio after a long gap. MSFT sells enterprise and consumer software products as well as hardware products such as the Xbox video game console and Surface laptops. All business segments experienced double-digit revenue growth and earnings per share have compounded in the mid-double digits over the last 5 years. We believe MSFT continues this momentum in the years ahead.”

1. Apple Inc. (NASDAQ:AAPL)

Fisher Asset Management’s Stake Value: $11.3 billion

Percentage of Fisher Asset Management’s 13F Portfolio: 6.36%

Number of Hedge Fund Holders: 134

Apple Inc. is one of the largest consumer electronics firms in the world. The company is best known for its iconic iPhone smartphone lineup, and it also has a host of other gadgets and services under its portfolio. These include notebook computers, headphones, and payments.

Mr. Fisher’s investment firm owned 63 million Apple Inc. shares as part of his Q4 2021 portfolio. These were the largest holdings for Fisher Asset Management, and they represented 6.36% of the firm’s overall investments. During the same time period, Insider Monkey surveyed 924 hedge funds and found out that 134 had owned a stake in the company.

Apple Inc. earned $0.21 in GAAP EPS and $123 billion in revenue by the end of its fiscal first quarter, beating analyst estimates for both. BofA kept a $215 price target for the company’s shares in March 2022, outlining that its iPhone trade in price analysis indicated strong demand.

Apple Inc.’s largest shareholder is Warren Buffett’s Berkshire Hathaway which owns 887 million shares worth $157 billion.

ClearBridge Investments mentioned the company in its Q4 2021 investor letter which stated that:

“Despite these mixed emerging growth results, the ClearBridge Global Growth Strategy outperformed the benchmark due to resilience among our secular and structural growth holdings. The bulk of these contributions came from U.S. mega-cap growth stocks Apple and Microsoft which continued to uniquely act both offensively and defensively as they have through most of the pandemic.”