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Growth in AI, the cloud means tech stocks are 'going up': Analyst

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Higher for longer interest rates and surging treasury bond yields have made investors, of all sectors, nervous. However, with increasing interest and innovations in AI and the cloud from tech giants - like Microsoft (MSFT) and Amazon (AMZN) - some investors are looking towards the tech sector for potential future profits. Wedbush Managing Director Scott Devitt joins Yahoo Finance to discuss what he thinks about opportunities in the tech sector despite worries of a recession. Devitt defends his bullish outlook, saying 'these companies have proven themselves in terms of continuing to be secular growth stories. We have another cycle that we're in the first inning of in AI, and so we're very optimistic on the group overall.' When it comes to companies that best stand to benefit from generative AI, Devitt points to Amazon and Alphabet (GOOGL, GOOG) are the clearest beneficiaries, but also companies like Booking Holdings (BKNG) which could benefit from how AI can enhance the company's offerings. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Higher for longer interest rates and surging treasury bond yields have made investors, of all sectors, nervous. However, with increasing interest and innovations in AI and the cloud from tech giants - like Microsoft - some investors are looking towards the tech sector for potential future profits. Wedbush Managing Director Scott Devitt joins Yahoo Finance to discuss what he thinks about opportunities in the tech sector despite worries of a recession.

Devitt defends his bullish outlook, saying"these companies have proven themselves in terms of continuing to be secular growth stories. We have another cycle that we're in the first inning of in AI, and so we're very optimistic on the group overall." When it comes to companies that best stand to benefit from generative AI, Devitt points to Amazon and Alphabet -- Rivian Automotive Inc. shares fell the most ever after the electric-vehicle maker announced plans to issue $1.

 

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