Worries about whether artificial intelligence investments will pay off may have rocked markets recently, but Wedbush Securities tech analyst Dan Ives says the tech boom is set to continue. Nvidia shares in particular were hit in recent weeks , before rebounding last week and lifting other tech names as well. Nvidia is set to continue driving tech higher, Ives told CNBC's " Street Signs Asia " on Monday.
He's also optimistic that the tech supply chain is set for more growth, saying that use cases are continuing to expand, which is good news for related components. Ives estimated that AI capital expenditure is set to reach around $1 trillion. "The tech supply chain is gearing up for an unprecedented period of growth being driven by the roughly $1 trillion of AI capex we estimate is on the horizon the next few years for the tech world," he wrote in a separate Sept.
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