Wedbush's Dan Ives Says, 'Tech Stocks Will Be Up 25% In 2024' — Predicts Nasdaq At 20K
Portfolio Pulse from Benzinga Neuro
Wedbush analyst Dan Ives predicts a 25% increase in tech stocks for 2024, with the NASDAQ potentially reaching 20,000 points. This bullish outlook is based on underestimation of AI monetization among enterprises. The NASDAQ 100's strong performance in 2023, with a 54% year-to-date increase and tech giants like Apple, Microsoft, and Alphabet poised for growth, supports this view. Semiconductor and AI stocks like Nvidia and Palantir have seen even larger gains. If Ives' forecast holds, the NASDAQ will need to rise another 33% from its 2023 closing level.
January 02, 2024 | 2:00 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Apple Inc. is expected to accelerate in 2024 due to advancements in cloud and AI technologies, with its stock already up 48% over the past 12 months.
Given the positive outlook on tech stocks and Apple's significant past performance, it is likely to benefit from the predicted tech surge, especially with its involvement in AI and cloud technologies.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Alphabet Inc. is expected to see continued growth in 2024, with its Class C shares up 58% over the last 12 months.
Alphabet's significant gains and its involvement in AI and cloud technologies suggest it will be a key player in the tech stock surge.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Microsoft Corp. is anticipated to benefit from the tech stock surge in 2024, with its shares already rallying 57% in the past year.
Microsoft's strong performance and its role in cloud and AI sectors align with the predicted tech stock surge, suggesting continued upward momentum.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Nvidia Corp's shares have gained nearly 240% over the last 12 months, and it is well-positioned to benefit from the predicted tech stock surge in 2024.
Nvidia's exceptional performance, especially in the AI and semiconductor sectors, aligns with the growth trends identified by Dan Ives for 2024.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Palantir Technologies Inc. returned 167% over the past year and is likely to continue benefiting from the tech stock surge, especially in AI.
Palantir's strong past performance and its focus on AI technology place it in a favorable position to benefit from the anticipated tech stock growth.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85