Wedbush Securities’ Daniel Ives told CNBC that the Nasdaq is headed to 30,000 points over the next year.
A strong tech earnings season has replaced investor jitters with fresh enthusiasm for AI capital expenditure plans.
“These earnings have validated the AI bullish thesis… The haters will hate, and we know that,” Ives said.
The Nasdaq will rise to 30,000 points in the next year as a bumper earnings season continues to bolster enthusiasm for AI stocks, Dan Ives, managing director at Wedbush Securities, told CNBC’s Squawk Box Europe on Monday.
At close on Friday the Nasdaq Composite ended at 26,247.08, marking a 12.93% increase so far this year.
“These earnings have validated the AI bullish thesis,” Ives said. “Demand and supply is 10-1 for chips. We are in the early days still of the AI revolution. The haters will hate, and we know that.”
Ives is backing the AI rally to continue for another two years.
“It’s a memory super-cycle,” he said, referring to the unprecedented demand for memory chips sparked by a rapid AI infrastructure buildout. “When it comes to SK Hynix [and other memory companies] we’re very bullish in what we’re seeing there.”
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