The rout in some very prominent big-cap tech stocks this year doesn't mean they are screaming buys, according to noted value investor Rob Arnott.

"No, what we are seeing is the bursting of the bubble," the founder of the influential Research Affiliates said on Yahoo Finance Live (video above) when asked whether the pullbacks in tech make key names attractively valued. "2020, in many ways, resembled 2000. ... The tech sector is stretched by any measure."

The pullbacks for tech's biggest names have been startling as investors shun higher risk trades amid rising interest rates from the Fed and brace for slowing profit growth from once-invincible companies.

"I view Apple, for instance, as being priced for aggressive assumptions leading into the future, but not implausible assumptions," Arnott said. "It's very possible the growth will justify the price — not so for Tesla, Facebook, Netflix and Amazon. A lot of these are priced for implausible long-term growth."

All members of the closely watched FAAMG (Facebook, Amazon, Apple, Microsoft, and Google) complex, as well as Tesla and Netflix, are down more than 10% year to date. Netflix is faring worst of the grouping, down a whopping 66% year to date following a lackluster first quarter and weak subscriber guidance.

Meta has tanked 47%, and pros are concerned more declines are in the offing when the social media beast reports earnings later this week.

Even Microsoft — seen by the Street as better fundamentally positioned than the FAANG companies — has a stock price down around 19% year to date.

The Nasdaq Composite has shed 20% on the year compared to a 9% decline for the S&P 500.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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