The bullish outlook follows a year where the Nasdaq Composite rose 43%, largely due to the popularity of ChatGPT, which turned Nvidia into a trillion-dollar company. Other analysts also foresee 2024 as a significant year for AI, with tech giants leveraging their substantial resources to dominate the field.
Key takeaways:
- 2024 is predicted to be "the year of AI," which could drive the Nasdaq Composite up by as much as 33%, according to Wedbush's managing director Dan Ives.
- The Nasdaq Composite index could potentially reach 20,000 points in a bullish scenario, a 33% increase from its current level of just over 15,000.
- Microsoft and Google parent Alphabet are expected to intensify their competition in the AI field, with both having launched AI-powered chatbots in 2023. Other tech giants like Apple, Amazon, Nvidia, and Meta Platforms are also expected to invest heavily in AI.
- AI will continue to be a dominant theme in 2024, with tech giants like Nvidia and Microsoft leading the way due to their significant resources and financial backing.