JPMorgan is out with a sweeping look at the likely winners and losers in the internet sector, writing to clients after hearing about concerns about the impact of the changing macroeconomic landscape on internet-related stocks.

The analysts noted that since the market highs of Feb. 19, shares in its “Internet coverage universe” have dropped 14% on average, and they chose Meta Platforms (META) and Spotify Technology (SPOT) as “the names we like most on the recent pullback.”

The analysts said they believe Meta “has established itself as the leading open-source AI platform,” while they feel Spotify’s Year of Accelerated Execution “should drive core Music optimizations and improvements across Audiobooks, Video, & Podcasts, all of which should support deeper engagement & monetization.”

By subgroup, JPMorgan sees companies involved with rides and food, cloud services, and streaming subscriptions as those relatively more resistant to a tougher macro environment. Conversely, the analysts picked e-commerce, online travel, and digital advertising as those most negatively impacted.

JPMorgan Sees Trouble Ahead for Online Travel

For JPMorgan, the sector most at risk to headwinds is online travel, saying “the secular growth potential is more limited relative to other Internet verticals.” The analysts pointed out that for consumers, travel is discretionary spending, which creates a “strong correlation between volume & pricing growth and GDP growth.”

The positive comments didn’t help shares of Meta Platforms or Spotify Technology, which both were down nearly 5% Tuesday morning as tech stocks dropped.