Dan Ives is Managing Director and Senior Equity Analyst at Wedbush Securities.
Keith Fitz-Gerald is Principal of the Fitz-Gerald Group. I sat down with both market experts at the 2024 MoneyShow/TradersEXPO Las Vegas to talk technology stocks, Artificial Intelligence (AI), the “Magnificent Seven,” cloud computing, and more. The result is this double-length MoneyShow MoneyMasters Podcast segment in which they explain why 1) YES, “Big Tech” can get bigger and 2) NO, that’s not a problem for markets. If anything, it’s GOOD for stocks.
Dan kicks things off by explaining why he thinks we’re only in the first inning of the bull run for tech, especially with a positive macro backdrop in the form of a soft landing in the economy. He notes that only 45% of workloads have moved to the cloud, but expects that to increase to 70%-80% over time. He says AI is “foundational to the next wave of tech that we’re going to see across every industry.” And he explains why companies like Microsoft, Palantir, Apple, and others should benefit. As for whether it’s the dot-com bubble and bust all over again? Nope. In Dan’s words: “If companies are not executing and you’re not seeing numbers, then it’s hype. If you’re seeing the numbers, it’s real.”
Next, Keith shares his take on the chip behemoth Nvidia, which reported blockbuster earnings and exploded in value the day before we spoke. As someone who was a very early – and accurate – bull on the name, Keith explains why the outlook STILL remains bright for the stock even after its big run up. He also shares his take on why AI is “THE” technology of this generation rather than just “A” technology – one “on par with the introduction of the Internet itself.” In the remainder of the segment, he shares the names of other stocks that look solid in the semiconductor and software industries...opines on regulatory threats to the tech sector...and explains why companies that offer “must have” products and services should thrive regardless of macroeconomic issues that might pop up. As for the broader averages? “My take is that 2024 could be a year for the record books.”
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MoneyShow MoneyMasters Podcast 