Artificial intelligence has taken the stock market by storm this year, powering triple-digit rallies in tech names such as Nvidia and boosting the Nasdaq 100 by almost 40%.
However, as gravity-defying market moves do, this one too has split Wall Street into two camps – those who think the rally has gone too far, too fast, and others who believe the trend still has room to run.
He predicts US tech stocks to rally another 12%-15% from current levels as AI enjoys its « 1995 moment » – parallel to the investment boom that followed the advent of the internet.
That forecast is even more bullish than the 10%-12% gain he projected last month.
The Wedbush analyst has repeatedly described the rise of AI as the « fourth industrial revolution », suggesting the technology has the capacity to transform modern society.
« I think this is really transformational changes to technology that I think would change the tech space for the next 20-30 years, » Ives said in a CNBC interview in late June.
Per CNBC, Ives projected the AI industry will see a trillion dollars of incremental spend over the next decade.