Investors should get ready for another massive, artificial intelligence-fueled rally that powers up tech stock prices, according to Wedbush's Dan Ives.
The analyst said Monday that he's expecting the explosion of interest in AI to start lifting a broader group of tech stocks, with most of the stock market's year-to-date gains currently concentrated in a small grouping of mega-cap names. "This is the start of a new bull market for tech, and I think ultimately it's going to be broader," Ives told."It's not just those seven or eight Big Tech stocks – we believe that fundamentals are not just stabilizing, but starting to see upticks for the first time."
AI has emerged as a key tailwind for stocks in 2023, with the explosion of interest in ChatGPT inspiring investors to load up on shares in related companies.