- According to Wedbush, 2024 will be the “year of AI.”
- This could push the Nasdaq Composite Index up as much as 33%, said Managing Director Dan Ives.
- The Nasdaq rose 43% last year as ChatGPT mania sent investors flooding into tech stocks.
Wedbush said 2024 could be the year that AI solidifies its status as a major investment theme, and tech stocks could rise by as much as a third as a result.
Veteran Wall Street tech analyst Dan Ives said Monday that the Nasdaq Composite Index could rise as much as 20,000 points in a bullish scenario, a potential 33% increase from its current level of just over 15,000 points. He said that there is.
“2024 is here, and the streets and the tech world are waiting for the ‘Year of AI’ to take shape and ultimately drive tech stocks higher,” he said in a research note seen by Business Insider. .
“We believe tech stocks will rise 25% in 2024 in a bullish scenario for the Nasdaq 20,000 level as the Street still significantly underestimates how quickly this AI monetization cycle will unfold. ing.”
The battle between Microsoft and Google’s parent company Alphabet is likely to intensify over the next 12 months, with both companies set to launch AI-powered chatbots in 2023, while fellow tech giants Apple, Amazon, Nvidia and Meta In total, Platforms will invest billions of dollars. field, Ives added.
The strategist’s bullish outlook comes a year after the Nasdaq Composite Index soared 43%, defying Wall Street’s gloomy predictions.
Tech stocks soared thanks to an explosion of interest in ChatGPT. Chat GPT helped make chipmaker Nvidia a trillion-dollar company and helped the Magnificent Seven group rack up overwhelming profits.
Ives isn’t the only analyst who predicts 2024 will be a big year for AI.
“AI will continue to be a major theme in 2024, and we’ve only scratched the surface at this point,” Kathleen Brooks, founder of Minerva Analysis, told BI last month.
“You see NVIDIA and Microsoft already have an advantage there. These tech giants are very well-funded and have a lot of resources and a big war chest behind them.”