Dan Ives Says This Will Be The 'Catalyst' For 15% Rally In Tech Stocks In 2024: 'Google Here Could Ultimately Have $30-$40 Upside'
Portfolio Pulse from Rounak Jain
Dan Ives of Wedbush predicts a 15% rally in tech stocks in 2024, driven by AI advancements and increased ad spending. Alphabet Inc. (GOOG, GOOGL) is highlighted for potential revenue boosts from digital advertising and cloud services. Oracle Corp. (ORCL) is noted for its AI 'hypergrowth,' and Microsoft Corp. (MSFT) and Meta Platforms Inc. (META) are also favored for their AI and cloud capabilities. Ives remains optimistic despite Google's AI chatbot challenges, expecting significant upside for Google and overall tech sector growth.
April 05, 2024 | 1:01 pm
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Alphabet Inc. is expected to see significant revenue growth from digital advertising and cloud services, with a potential $30-$40 upside according to Dan Ives.
Ives' optimism about Alphabet's revenue potential from digital advertising and cloud services, despite recent AI chatbot challenges, suggests a strong short-term upside for GOOG.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Alphabet Inc. Class A shares are expected to benefit similarly to GOOG from advancements in digital advertising and cloud services.
Given the shared business operations of GOOG and GOOGL, the optimistic outlook for Alphabet's revenue growth applies equally, indicating a positive short-term impact.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Meta Platforms Inc. is on Ives' radar for its AI and cloud initiatives, potentially contributing to stock appreciation.
Given Ives' positive stance on companies leading in AI and cloud, Meta Platforms Inc.'s focus on these areas could lead to a positive short-term stock impact.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Microsoft Corp. is favored by Ives for its AI and cloud capabilities, indicating potential for stock growth in the short term.
Ives' optimism about Microsoft's AI and cloud capabilities, in the context of a bullish outlook for the tech sector, suggests a favorable short-term impact on MSFT's stock.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Oracle Corp. is recognized for its 'hypergrowth' in AI, aligning with the broader AI revolution theme and potentially benefiting its stock.
Ives' mention of Oracle's AI 'hypergrowth' as a key part of the AI revolution suggests a positive outlook for ORCL, especially in the context of increased tech sector optimism.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 75