The artificial-intelligence craze has ignited a new bull market in tech stocks that'll set off a broader equities rally, according to Wedbush analyst Dan Ives.
"We believe a new tech bull market has begun to take shape being led by the AI Revolution; we expect to see a stronger 2Q earnings season for the tech space in the next month.
"2q starts it the next month," Ives said in his most recent tweet, referring to the earnings season that will see companies release reports between mid-July and August. Investor excitement over the rise of AI has defined markets this year, following the smashing release of human-like chatbot ChatGPT. It's helped boost the S&P 500 by about 14% this year, and seen investors pile into stocks best exposed to the fast-moving tech - such as semiconductor manufacturerThe Santa Clara-based firm has emerged as a clear winner from the AI boom, surging 179% so far this year to secure its spot in the elite club of companies with more than $1 trillion in market cap.