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Tech Stocks Growth Forecasted by Analyst Dan Ives


Dan Ives, an analyst at Wedbush, is known for his bullish take on the technology industry, and his latest projection is no different. In a recent investment note, he forecasted that tech stocks could advance by 12% to 15% in the second half of the year.

While negative sentiment surrounded the industry earlier this year, due to concerns about macroeconomic factors like interest hikes and weakening demand, tech stocks have performed remarkably well. The strength of tech giants, combined with increasing interest in artificial intelligence, has driven the stock market in a positive direction.

Ives believes that there is still plenty of room for growth in tech stocks, as investors continue to consider the impact of an imminent $800 billion AI spending wave. He is particularly bullish about software and chip stocks, stating that they will drive a second-half rally.

The Nasdaq Composite has already experienced a growth of about 29% this year, with no signs of slowing down. It seems that for investors interested in the tech industry, the future looks bright.

The AI Gold Rush: A New Tech Bull Market

According to Daniel Ives, an analyst at Wedbush Securities, the AI revolution is just getting started and it could pave the way for a new tech bull market. Ives believes that the current period is similar to the early days of the internet in 1995 and not a 1999-style bubble.

While there are concerns about tech valuations and the uncertain macro backdrop, enterprise spending is holding up with a particular focus on cloud-related spending. Ives sees this trend continuing to grow with the second, third, and fourth derivatives of AI starting to evolve for the tech landscape.

Ives predicts that by 2024, AI could account for 8% to 10% of overall IT budgets, up from about 1% in 2023. In his opinion, there will be many winners with familiar names like Microsoft,, Oracle and Palantir Technologies. Other companies on his list include MongoDB, Apple, International Business Machines, Meta Platforms, Adobe, Snowflake, and

While tech bears may continue to fret about valuations, Ives believes that this is the start of a new tech bull market. The AI revolution coupled with a stabilizing IT spending environment will be the driving forces behind this new era.

It’s clear that AI represents a significant opportunity for companies to gain a competitive edge and drive innovation. As businesses increasingly recognize the value of AI, we can expect to see continued investment and growth in this exciting field.

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