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As Internet Stocks Plunge, ‘Old Tech’ Finds New Friends

  • Amazon and Alphabet slumped after results, while Intel rallied
  • Lower valuations and dividends seen as attractive qualities
Cryptocurrency Mining As Bitcoin Slides Amid Stocks Rout
Photographer: Akos Stiller/Bloomberg

When it comes to tech stocks, new isn’t always better.

Amid a broad sell-off in internet stocks, investors have found a renewed appreciation for legacy tech names. Companies such as Microsoft Corp., Apple Inc. and Intel Corp. offer exposure to the industry’s higher-than-average growth rates, but without the outsize valuations and risk that have marked momentum favorites such as Amazon.com Inc., Facebook Inc., and Netflix Inc.