Tech Sell-Off Is 'Just A White Knuckle Moment,' Analyst Says On Heels Of Jobs Report
Portfolio Pulse from Michael Juliano
Despite a major tech sell-off prompted by a disappointing July jobs report, Wedbush Securities analyst Dan Ives advises investors to remain confident in the tech sector's long-term bull run. Ives highlights the ongoing $1 trillion AI spending cycle and points to strong performances from companies like Apple, Microsoft, Amazon, Nvidia, ServiceNow, and AMD. He believes this is a temporary 'white knuckle moment' and not the end of the tech bull market.
August 02, 2024 | 8:09 pm
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NEUTRAL IMPACT
AMD's strong position in AI is highlighted, but the stock is down due to the broader tech sell-off.
AMD's role in AI is significant, but the stock is currently affected by the overall tech market downturn.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Amazon's AWS is highlighted as a key player in the AI spending cycle, though the stock is affected by the broader tech sell-off.
Amazon's AWS is a significant part of the AI growth story, but the stock is currently impacted by the overall tech market decline.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Alphabet's stock decline reflects the broader tech sell-off, despite its strong position in AI.
Alphabet's strong AI capabilities are overshadowed by the broader tech market decline, leading to a short-term price drop.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Meta Platforms' stock decline is part of the broader tech sell-off, despite its involvement in AI.
Meta Platforms' involvement in AI is significant, but the stock is currently impacted by the overall tech market downturn.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Microsoft's decline reflects the broader tech sell-off, but its Azure cloud platform remains a key player in the AI spending cycle.
While Microsoft shares declined, its Azure platform is crucial for AI growth, suggesting long-term potential despite short-term volatility.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
ServiceNow's involvement in the AI spending cycle is noted, but the stock is affected by the broader tech market downturn.
ServiceNow is positioned well in the AI space, but its stock is currently impacted by the overall tech market decline.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Nvidia's strong earnings and role in AI are overshadowed by the tech sell-off, leading to a decline in stock price.
Nvidia's strong fundamentals in AI are not enough to counteract the broader tech sell-off, resulting in a short-term price decline.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Apple's bullish outlook and gains amidst the tech sell-off highlight its strong position in the ongoing AI spending cycle.
Apple's positive performance amidst a broader tech sell-off indicates investor confidence in its future growth, particularly in AI.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80