Buy tech sector stocks now ahead of a 15% rally into year-end: Wedbush

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Buy tech stocks now as solid 2nd-quarter earnings will power a 15% rally into year-end, Wedbush says

"AI remains in the spotlight-driving success for some and headwinds for others. From the hundreds of conference calls we listened to over the past month its clear that the AI theme is changing the enterprise and consumer landscape going forward and creating a bifurcated spending environments for the winners and losers in this backdrop," Ives explained.

Ives pointed to companies in the cloud, cyber security, and digital advertising sectors that should experienced continued tailwinds from the advent of artificial intelligence,"Rome was not built in a day, and neither will the AI ecosystem but let's be clear this build out is unlike anything we have seen since the Internet in 1995 and the ramifications are just starting to ripple through the consumer/enterprise landscape," Ives said.

That strength in AI should help boost technology stocks, as should a less hawkish Fed. The July CPI report showed inflation continues to cool down, and that should allow the Fed to pause its interest rate hikes for good at the upcoming September FOMC meeting. Some"With the Fed waving the white flag on rate hikes, we see a green light risk-on environment into year-end and believe we are only in halftime of this new tech bull market raging into the next 12 to 18 months," Ives said.

 

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