with apple bull Wedbush's Analyst Dan Ives It brushed aside growing geopolitical concerns and macroeconomic factors, and provided bullish signs for the technology sector ahead of the March 2024 earnings season. He expects tech stocks to rise 15% in 2024.
what happened: Ives, who has always been bullish on the tech sector, believes a number of factors came together to produce “solid” first-quarter profits.
“I think the next few weeks will be a solid earnings season for tech companies.”
meanwhile Nvidia's (NASDAQ:NVDA) jensen fan and Microsoft Corporation (NASDAQ:MSFT) is leading the “AI revolution,” and other companies are contributing to the second, third, and fourth spin-offs of the “trillion dollar spend” over the next decade, as well as increasing spending. Ives believes it is driving technological progress. Too.
The Nasdaq Composite Index, a broader technology index, has experienced volatility over the last month. The Nasdaq is up 9.54% since the beginning of the year, but only 1.26% over the past month.
Similarly, the S&P 500 index is up 8.02% year-to-date, but has returned just 0.12% for the month. But Ives shrugged it off.
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“I think it's just a tension, given the market as a whole, geopolitically… and everything that's been going on over the last 10 years.” [yields]'' Ives said in an interview with CNBC.
He believes we are now “coming out of the popcorn moment” as far as technology stocks are concerned.
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“Given what we've seen in cybersecurity, the AI revolution, digital marketing and advertising, we think this is a great buying opportunity.”
“Now is not the time to run away, now is the time to actually come out on top.”
Microsoft's iPhone Moments: Ives said Microsoft, which has brought AI to every area of its portfolio including Windows, Office, Azure, and more, is having an “iPhone moment.”
“We strongly view this as Microsoft's 'iPhone moment' with AI that will change Redmond's cloud growth trajectory in the coming years.”
Ives said Wedbush's channel check gives it “additional confidence” in its outlook for the March quarter.
Mr. Ives also made the following bullish comment: Apple. (NASDAQ:AAPL). Ahead of June's important Worldwide Developers Conference (WWDC), Ives believes Apple has the “best installed infrastructure in the world” to execute its strategy for the future of AI. ing.
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