2024 Predictions For Apple, Tesla, 'Magnificent 7' And Musk From Analyst Dan Ives: It's AI's '1995 Moment'
Portfolio Pulse from Chris Katje
Wedbush analyst Daniel Ives predicts major developments in the tech sector for 2024, including AI going mainstream, Apple introducing an AI App Store, increased M&A activity, Tesla launching a sub-$30K vehicle, tech stocks rising by 25%, Apple potentially acquiring ESPN, cybersecurity being the top sub-sector, the 'Magnificent 7' leading tech growth, Musk advancing the super-app concept for X, and Apple and Microsoft reaching $4 trillion market caps.
December 19, 2023 | 9:55 pm
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POSITIVE IMPACT
Apple is predicted to introduce an AI App Store and potentially acquire ESPN, with services revenue possibly reaching $5 billion annually. Apple's market cap is also expected to hit $4 trillion in 2024.
The introduction of an AI App Store could significantly boost Apple's services revenue, and acquiring ESPN would strengthen its content portfolio. The market cap milestone reflects strong investor confidence.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Amazon.com Inc is expected to be active in M&A and is part of the 'Magnificent 7' tech stocks predicted to lead the sector higher in 2024.
Amazon's involvement in M&A could expand its tech dominance, and its inclusion in the 'Magnificent 7' suggests strong performance expectations.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
CrowdStrike Holdings is highlighted as a top pick in the cybersecurity sector, which is expected to outperform in 2024.
The bullish outlook on cybersecurity suggests that CrowdStrike, as a recommended company, may see increased investor interest and stock performance.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
CyberArk Software is recommended for investors seeking exposure to the cybersecurity market, which is anticipated to be a top-performing tech sub-sector in 2024.
With cybersecurity poised for growth, CyberArk's inclusion as a top pick indicates potential for positive stock movement.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Alphabet Inc is expected to engage in M&A and is part of the 'Magnificent 7' tech stocks that are predicted to excel in 2024.
Alphabet's M&A activity could strengthen its market position, and its role in the 'Magnificent 7' suggests a bullish outlook for its stock.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Alphabet Inc's Class A shares are included in the 'Magnificent 7' tech stocks, which are forecasted to significantly contribute to the tech sector's growth in 2024.
The Class A shares of Alphabet are expected to perform well as part of the 'Magnificent 7', indicating a positive impact on the stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
The Roundhill Magnificent Seven ETF, offering direct exposure to the 'Magnificent 7' tech companies, is expected to benefit from these companies' robust performance in 2024.
The positive outlook for the 'Magnificent 7' tech companies directly impacts the MAGS ETF, which is designed to track their performance.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Meta Platforms is included in the 'Magnificent 7' group of tech stocks, which are anticipated to have a strong year in 2024.
As part of the 'Magnificent 7', Meta Platforms is expected to contribute to and benefit from the overall tech sector's growth.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Microsoft's $10 billion investment in OpenAI is highlighted, and the company is expected to be active in M&A. Its market cap is predicted to approach $4 trillion in 2024, potentially reaching it in early 2025.
Microsoft's investment in AI positions it as a leader in the sector, and its aggressive M&A strategy could enhance its product offerings, driving the company's valuation upwards.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
NVIDIA Corp is one of the 'Magnificent 7' tech stocks projected to lead the sector's growth in 2024.
NVIDIA's status as one of the 'Magnificent 7' indicates high expectations for its performance and potential stock appreciation.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Palo Alto Networks is among the top picks for the cybersecurity sector, which is forecasted to be the standout sub-sector in tech for 2024.
As a recommended company in a sector expected to perform well, Palo Alto Networks may experience stock gains in line with the sector's growth.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
The Invesco QQQ Trust, which tracks the Nasdaq 100, is expected to continue its strong performance with tech stocks predicted to rise by 25% in 2024.
The prediction of a 25% rise in tech stocks suggests a positive outlook for the QQQ ETF, which could attract more investors and positively impact its price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Tenable Holdings is selected as a top pick in the cybersecurity market, which is predicted to be the leading tech sub-sector in 2024.
Tenable's position as a top pick in a high-growth sector suggests the potential for increased valuation and investor interest.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Tesla is expected to introduce a sub-$30K vehicle, which could lead to mass adoption of electric vehicles and significantly impact unit volumes.
The introduction of a more affordable Tesla vehicle aligns with the broader trend of EV adoption and could substantially increase Tesla's market share and sales volumes.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Zscaler Inc is identified as a top pick for exposure to the cybersecurity market, which is predicted to be the best sub-sector of tech in 2024.
As cybersecurity is highlighted as a key growth area, Zscaler's positioning as a top pick suggests potential for stock appreciation.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
Apple is rumored to potentially acquire ESPN from Disney, which could lead to significant changes in Disney's asset portfolio and strategy.
While the acquisition is speculative, if it were to occur, it could lead to a reevaluation of Disney's assets and strategy, impacting its stock price.
CONFIDENCE 65
IMPORTANCE 75
RELEVANCE 70