“Top Tech Analyst Dan Ives Predicts 25% Surge in Tech Stocks in 2024, Citing AI as the Biggest Transformation in the Tech Sector Since 1995”
According to a recent report by Wedbush Securities’ top tech analyst, Dan Ives, the technology sector is expected to see a surge of at least 25% in stock prices in 2024, which is predicted to be the “year of AI” 1 2. The report also suggests that Wall Street is underestimating the speed at which the AI monetization cycle is playing out 1.
The report highlights that artificial intelligence could make up 8% to 10% of IT budgets in 2024, up from less than 1% in 2023, and the AI sector could see over $1 trillion in spending over the next decade 3.
In addition, the report predicts that Apple may introduce its AI App Store at the Worldwide Developers Conference (WWDC) in 2024, which will likely be held in June. Ives said Apple’s services revenue could hit $5 billion annually once the new app store is introduced 3.
The report also calls for mergers and acquisitions to happen in the technology sector, led by some of the biggest names. “We believe 2024 is set for a massive year of M&A in Big Tech with Microsoft, Amazon, Alphabet all aggressively going after public and/or private companies to boost their product footprint,” Ives said 3.
Overall, the report suggests that the growth of AI is just getting started and that it is the biggest transformation in the tech sector in the last 30 years, comparable to the start of the internet in 1995 3.
In summary, the report predicts that 2024 will be a year of significant growth for the technology sector, with AI being the driving force behind it. The report also highlights the potential for significant changes in the industry, including the introduction of Apple’s AI App Store and mergers and acquisitions among the biggest names in the sector 1 3.
references:
1.axios.com
2.markets.businessinsider.com
3.Dan Ives predicts big things for Tesla, Apple and ESPN in 2024