Wedbush’s top tech analyst Dan Ives believes it’s just the beginning of the AI gold rush. Even after a banner year for AI-linked tech stocks in 2023, investors can expect more gains this year as the technology begins to boost corporate earnings.
“We believe tech stocks will be up 25% in 2024,” Ives wrote in a Monday note, adding that “the Street and tech world await ‘the Year of AI.’” In a best-case scenario, Ives argued that tech stocks could even see a 35% gain in 2024, leading the Nasdaq Composite to a record 20,000.
