In recent years, the tech industry has been dominated by five companies collectively known as FAANG stocks.

These companies include some of the most impressive U.S. tech players. Many on this list have seen multi-decade growth rates smaller tech companies can only dream of. This impressive growth has led to valuation surges, which ultimately peaked around the pandemic.

However, with valuations on the decline, many of these top FAANG stocks have sold off hard. While these have typically been the go-to names in the tech sector in times of previous turmoil, it remains to be seen if these companies can continue their long-term trends.

With that said, I think certain FAANG stocks now provide the right mix of growth and value. Here are our three top picks for investors looking for a place to hide in the tech sector right now.

Alphabet (GOOG)

Although Alphabet’s (NASDAQ:GOOG) 20-for-1 stock split has already occurred, its significance remains relevant.

As the market experiences a prolonged bearish period, investors are seeking secure investment opportunities to allocate their funds. Consequently, Alphabet remains a reliable haven for growth-oriented investors to keep an eye on.

Firstly, Alphabet’s recent 2-for-1 stock split has made the stock more affordable, potentially boosting demand for the shares. This change has reduced the stock’s price, making it accessible to more investors.

Google has successfully navigated significant economic challenges, such as the dot com bubble in 2000 and the financial crisis in 2008, and emerged even more vital. The Google cloud and search engine are expected to contribute significantly in 2023.

The company’s balance sheet is robust, with solid cash flows. At worst, 2023 is expected to be a relatively neutral year for Alphabet, but significant investment opportunities may still be available at a low price point below $100.

Meta Platforms (META)

Investors who want to invest in social media still make Meta Platforms (NASDAQ:META) as their top choice.

Since the beginning of social media, the company has been a significant player in the industry and has created a new sector, formerly known as Facebook.

Meta experienced a terrible year due to a decline in advertising spending and increased costs related to its Reality Labs metaverse division. As a result, the company’s free cash flow and earnings suffered, and its double-digit revenue growth stopped.

Although there may still be economic uncertainty in early 2023 that could affect advertising spending, Meta has everything it needs to stabilize and deliver positive results for its investors again.

Meta’s investments in the Reality Labs business have caused unease among investors due to the significant losses the segment has incurred. 

In November 2022, there was a significant increase of almost 27% in Meta’s stock price following the announcement of a cost-cutting plan that involved the layoff of 11,000 employees. The market responded positively, as investors saw the potential for the company to recover its losses, particularly with the phasing out of certain offices and products.

Apple (AAPL)

Over the last decade, Apple’s (NASDAQ:AAPL) stock has seen impressive annual growth of 26.75%, on average. This exceptional growth is typically the result of reinvesting profits into the company. However, surprisingly, Apple has also regularly provided dividends to its investors during this time.

Like numerous companies sensitive to economic changes, Apple has faced challenges due to supply chain issues and a declining macroeconomic climate. However, investors may still wonder if it’s an excellent time to purchase AAPL stock. As the iPhone market matures, there’s speculation among investors about the potential future growth catalysts for Apple stock.

Apple didn’t meet analyst expectations when it announced its fiscal 2023 first-quarter results. The company reported earnings per share of $1.88, whereas analysts had anticipated $1.94 per share. Apple’s holiday quarter revenue declined by 5.5% compared to the previous year, amounting to $117.15 billion. This is the first year-over-year sales drop since 2019 and the most significant quarterly revenue decrease since September 2016.

Despite the challenges, Apple remains the market leader in the smartphone industry, and the services segment is projected to be a significant driver of future growth.

Even though the company may experience reduced growth in some product categories during an economic downturn, it’s improbable that it will lose its market share because of its strong brand and popularity with younger demographics.

On the date of publication, Chris MacDonald has a position in AAPL and META. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.