Two longtime investors recently told CNBC that Amazon (AMZN) and Microsoft (MSFT) represent good buys at their current levels.

The Weakness of AMZN and MSFT Is Unjustified, Ethridge Says

Malcolm Ethridge, the Managing Partner of Capital Area Planning Group, recently purchased more AMZN stock and MSFT stock. The declines of both names are unwarranted and will prove to be “temporary,” he said. “Nothing has fundamentally changed” about these companies and both remain “strong,” he added.

After the valuations of both stocks fell 18%-20%, investors should buy them instead of the weaker names in their sectors, according to Ethridge. He added that neither tech giant is being negatively impacted by the weakening American consumer.

MSFT and AMZN Will Win in the End Even if the Market Sinks, Lebenthal Believes

Even if the stock market’s current drop becomes “worse than a correction,” investors who hold onto MSFT and AMZN will ultimately make money, Jim Lebenthal, a partner at Cerity Partners, asserted. That’s because both companies will gain market share during a macro downturn and ultimately become stronger and “thrive,” he stated.

While we acknowledge the potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as AMZN but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: The author owns shares of AMZN but has no intention of trading them in the next 48 hours. This article is originally published at Insider Monkey.