Tech stocks can rally 15% more as 'the AI revolution is here': Dan Ives

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Tech stocks will rally as much as 15% more as 'the AI revolution is here', Wedbush analyst Dan Ives says

Artificial intelligence has taken the stock market by storm this year, powering triple-digit rallies in tech names such as Nvidia and boosting the Nasdaq 100 by almost 40%.

However, as gravity-defying market moves do, this one too has split Wall Street into two camps – those who think the rally has gone too far, too fast, and others who believe the trend still has room to run.He predicts US tech stocks to rally another 12%-15% from current levels as AI enjoys its"1995 moment" – parallel to the investment boom that followed the advent of the internet.

"I think this is really transformational changes to technology that I think would change the tech space for the next 20-30 years," Ives said in a Per CNBC, Ives projected the AI industry will see a trillion dollars of incremental spend over the next decade."That could be conservative — that wasn't here six months ago," he said.

 

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