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A bullish 2024 year of AI awaits claims Wedbush By Investing.com

A bullish 2024 year of AI awaits claims Wedbush By Investing.com

© Reuters. Bullish 2024 for AI Awaits, Says Wedbush

Wedbush analysts said the company believes the technology sector is poised to accelerate cloud and AI spending, which is still significantly underappreciated by the Street.

Upbeat tech analysts said “a bullish 2024 for AI lies ahead,” with forecasts for cloud and AI spending expected to increase 20-25% over the next year, “with use cases now exploding across the enterprise and consumer landscape. “

“In our view, the new tech bull market has now begun, and tech stocks are poised for a strong 2024, with tech stocks we expect to rise 25% over the next year, led by big tech as the tidal wave of AI spending hits the shores of the broader tech sector,” the analysts said. “We believe the rest of the tech sector is now joining the Magnificent 7 party in this rally to 2024, with plenty of AI tailwinds.”

The company says its recent checks in the space have shown that AI monetization has started to have a positive impact on the technology sector, with Nvidia, Microsoft (NASDAQ:), Google, Datadog and Palantir (NYSE:) all showing as the use cases for AI multiply. in the business and consumer landscape.

As noted in previous notes, the analysts said they “view AI as the most transformative technology trend since the Internet began in 1995 and believe many on the Street still underestimate the $1 trillion dollars of AI spending expected to occur over the next decade in 2017.” a boon for the chip and software industries, with Nvidia and Redmond leading the way. »

Webush’s favorite tech names are still Apple (NASDAQ:), Microsoft (NASDAQ:), Alphabet (NASDAQ:), Palo Alto Networks (NASDAQ:), Palantir (PLTR), Zscaler (NASDAQ:), CyberArk Software (NASDAQ:) , CrowdStrike. Holdings Inc. (NASDAQ:), and MongoDB (NASDAQ:).

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