Title: Nvidia’s Fourth Quarter Earnings Spark Optimism for Tech Bull Market
Date: February 23, 2024
Renowned Wedbush Securities analyst Dan Ives appeared on CNBC’s “Squawk Box” on Friday, expressing his belief that Nvidia’s exceptional fourth-quarter earnings mark the beginning of a thriving tech bull market that will extend into 2025.
Ives referred to Nvidia CEO Jensen Huang as the “Godfather of AI” and highlighted the company’s role in laying the groundwork for future investment in AI infrastructure. He predicts a substantial increase in spending on AI-related infrastructure, software, and services, which will positively impact associated companies.
“We think for every dollar spent on a GPU, there can now be a multiplier of $10, $12… into software and into chips,” stated Ives.
Ives is also optimistic about the prospects of companies like MongoDB, Inc., Palantir Technologies, Inc., and Snowflake, Inc. in benefiting from the ongoing AI build-out.
While Ives acknowledges temporary challenges such as supply and regulatory issues, he firmly believes that the AI revolution and its monetization are only at the beginning stages.
Nvidia’s stock closed up 0.36% at $788.17, MongoDB closed up 0.34% at $451.52, Palantir closed 0.7% lower at $22.99, and Snowflake closed 1.65% higher at $229.34 on Friday, according to Benzinga Pro.
In a tweet, Ives described the current situation as a “1995 Moment,” comparing it to the early days of the internet revolution, and projects over $1 trillion in incremental spending on AI over the next decade.
Please note that the information provided in this article does not constitute investment advice.
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