Tech guru Paul Meeks warns savvy investors to be very cautious when looking for bargains in that sector in the current environment.

"I would recommend [to] investors, and here's a guy that's been looking at the sector for a long time, to be no more than neutral weight the sector in their portfolios and most likely underweight," Meeks recently told CNBC.

"And, be very careful which stocks to pick," said Meeks, chief investment officer at Sloy, Dahl & Holst.

Meeks, who ran the world's largest technology and internet fund for Merrill Lynch during the dot-com bubble, thinks many tech stocks today are way too expensive.

"I always worry about valuations. I invest in the sector with a value hat," he said.

"The stocks in the industry that I like most in the technology sector is semiconductors because particularly some of the memory based companies have come down in my view way too much," Meeks said. "Micron is very interesting here on a semiconductor capital equipment side."

(Newsmax wire services contributed to this report).

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