Are Meta, Shopify, and Apple Stocks Good Buys Today?

Meta Platforms (NASDAQ:META) and another large-cap tech stock worth watching going into the third quarter.

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Canadian investors should be open to investing in some of the U.S. technology companies, even after their incredible runs. Though Canada has a wide selection of tech firms, there just aren’t as many to choose from, especially for investors seeking to expose themselves to specific areas of tech. Indeed, smartphones, AI, and social media are all areas worth investing in. And Canadians can fly south of the border for more of such exposure.

Of course, Shopify (TSX:SHOP) is the large-cap tech titan in e-commerce that many Canadian investors may have exposure to. As wonderful a company as Shopify is (its CEO Tobias Lütke is one of the smartest managers in Canada), you should be willing to diversify your tech basket to avoid single points of failure. Indeed, the more than 80% peak-to-trough crash in SHOP stock during the 2021–22 sell-off really hit hard.

Without further ado, let’s have a closer look at a trio of tech plays that could make terrific buys going into the autumn season.


No surprise here, Shopify stock is a great long-term holding for any young Canadian investor. It conveniently trades on the TSX Index and could help growth investors achieve their long-term goals.

The stock recently suffered a 16% correction after soaring as high as $92 per share as part of a glorious tech rebound. I view the correction as expected, and more to do with macro jitters than issues at Shopify. Of course, Shoopify’s second-quarter results failed to enthuse investors despite the solid earnings number and confident management commentary.

Short term, I expect Shopify could keep retreating, so do be ready to buy on the way down. It’s a choppy ride and one that could be that much choppier in the second half of 2023. At $77 and change, SHOP stock looks enticing if you lack e-commerce exposure.

Meta Platforms

Meta Platforms (NASDAQ:META) more than tripled off its lows of last year. Undoubtedly, if you missed the move, I don’t think there’s any reason to fret, as shares begin retreating again. Indeed, a correction is much-needed and could provide investors with another shot to bet on Mark Zuckerberg’s comeback. The company has impressive AI exposure, but more importantly, it may have what it takes to dominate the metaverse.

Indeed, the metaverse (or VR/AR) is a place Canadians should seek to gain exposure, as it’s a massive market that could accompany sizeable gains. Meta stock’s not a bargain anymore, but it’s still not absurdly priced at $310 and change.


Apple (NASDAQ:AAPL) is an iPhone maker that is ready to make a move into VR/AR, as its Vision Pro headset launches next year. Indeed, very few people have actually dawned the Apple headset. But those who have had pretty upbeat things to say. In any case, Apple stock looks like a terrific bargain following its 4.8% drop the day after its latest round of earnings results.

I think Apple is a must-own on any dip. At 30.9 times trailing price-to-earnings, shares aren’t as cheap as they could be. But given the impressive tech you’re getting from the name, I’d not be afraid to start nibbling in at $181 and change.

Simply put, you can’t find an Apple comparable here on the TSX!

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Fool contributor Joey Frenette has positions in Apple. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Apple and Meta Platforms. The Motley Fool has a disclosure policy.

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