Last year was a tough one for tech stocks, to say the least. Stubborn inflation and aggressive interest rate hikes by the Federal Reserve weighed on the high-growth sector, cutting the tech-heavy Nasdaq composite by more than 30%. But despite those headwinds, which have carried over into 2023, an artificial intelligence boom has helped tech shares mount an impressive turnaround this year—and Wedbush’s Dan Ives believes it’s still in the early innings.
“We estimate this is an $800 billion market opportunity over the next decade as this A.I. Game of Thrones plays out across the enterprise and consumer tech space,” the tech analyst wrote in a research note on Sunday, referencing the total addressable market for A.I.
