Wedbush Securities managing director Dan Ives says that a three-year bull market for the one stock market sector is just in its initial phase.
In a new interview with CNBC Television, Ives says that tech stocks will continue to surge as the artificial intelligence (AI) revolution keeps moving along.
“I think we’re just beginning this golden age for tech. And the reason I think tech stocks are up 10 to 15% in the second half of the year is because the second, third, fourth derivatives of AI, they’re just starting to play out. I mean, when you look across software, you look across semis, you look across the consumer report.
And to me, that’s really the focus here – is that as the AI revolution plays out, that’s how I think you get to Nasdaq 22,000 or 23,000.”
Ives goes on to note that he views price dips along the way up not as risky scenarios that should be avoided, but rather as opportunities for traders to get in the game.
“I view those as opportunities. I mean my whole career, those are the opportunities, if you think the fundamental stories are playing out. And I think when it comes to tech, this is just starting. I think it’s a three-year tech bull market still ahead of us.”
The Nasdaq Composite is at 20,601 points at time of writing, a 1.02% increase during the last 24 hours.
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