Wedbush managing director and equity analyst Dan Ives believes one remaining group of stocks will surprise investors over the next six months.
In an interview with Bloomberg Television, Ives he says that although many investors have taken their eyes off the Magnificent 7 because of their big AI investments, they believe that hyperscalers are ready to return as market leaders.
“Look, hyperscalers are (spending) $700 billion. I mean, that’s what’s driving the AI revolution. I mean, when you throw out memory chips, NVIDIA, everything else, but that’s the first step.
Because what hyperscalers are doing is: this is building. It is a Vegas Strip house in 1955. But in the end, making money now comes. I mean, when you look at the Meta, it’s not just about spending money. If you look at Microsoft, they own the business. Alphabet: 5% of their customers have gone the AI route. (That’s right) with Amazon. “
According to Ives, the upcoming season will prove the Mag 7 doubters wrong.
“So my whole point is, you had a tech conference, but the Mag 7 right now (is) in the penalty box, really. I think it’s going to be very successful (in) the second half of the year. And I think the receiving season, as you see in July, is going to be a big moment to prove Big Tech.”
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