The firm's favored tech companies include Apple, Microsoft, Palo Alto Networks, Palantir, Zscaler, CrowdStrike, and MongoDB. In the consumer tech sector, Amazon, Alphabet, and Meta Platforms are highlighted. The strategists predict a $1 trillion AI spend over the next decade, benefiting the chip and software sectors, with Nvidia and Redmond leading the way.
Key takeaways:
- Wedbush strategists believe that Wall Street is underestimating the potential of the artificial intelligence boom and its impact on the tech sector.
- They predict that spending on AI and cloud technology will fuel a new bull market in the tech sector by 2024, with tech stocks expected to rise by over 20%.
- Companies like Nvidia, Microsoft, Datadog, and Palantir have already demonstrated the increasing use of AI across various sectors, and this trend is expected to continue.
- Wedbush views AI as the most transformative technology trend since the start of the Internet in 1995, and anticipates a $1 trillion AI spend over the next decade, benefiting the chip and software sectors.