Analysts Predict New Bull Market For Tech Stocks In 2024
Portfolio Pulse from Neil Dennis
Analysts at Wedbush predict a new bull market for tech stocks in 2024, driven by increased spending on cloud and AI technology. Apple Inc, Microsoft Corp, and Alphabet Inc are among the top picks expected to benefit from this trend. Wedbush forecasts a 20%-25% increase in cloud and AI spending in 2024. Apple remains Wedbush's top pick despite recent share price struggles, while Microsoft's strong Q3 results and AI leadership are highlighted. Nvidia Corp is also expected to lead a new boom in the chip sector due to AI advancements.
November 13, 2023 | 8:47 pm
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POSITIVE IMPACT
Apple Inc is Wedbush's top pick for the upcoming tech bull market, expected to benefit from increased cloud and AI spending in 2024.
Apple's position as Wedbush's top pick and the expected increase in tech spending suggest a positive outlook for AAPL's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Alphabet Inc, with its Google subsidiary, is poised to accelerate into 2024, benefiting from the cloud and AI spending wave.
As a major player in tech, Alphabet's focus on cloud and AI is expected to have a positive impact on its stock price in the short term.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Alphabet Inc's Class A shares (GOOGL) are anticipated to benefit from the tech sector's growth, especially in cloud and AI technologies.
Alphabet's Class A shares are likely to follow a similar positive trajectory as its Class C shares (GOOG) due to the overall company's growth prospects in cloud and AI.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Microsoft Corp's strong Q3 results and leadership in AI technology position it well for the anticipated tech bull market in 2024.
Microsoft's robust earnings and AI advancements are likely to positively influence its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Nvidia Corp is expected to lead a new boom in the chip sector, driven by the transformative impact of AI technology.
Nvidia's leading role in AI technology is likely to result in a positive short term impact on its stock price, especially with the anticipated increase in AI spending.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85