Bloomberg Daybreak: Europe Edition Daybreak Holiday: Big Tech Outlook with Dan Ives and Gene Munster
Jan 1, 2026
Dan Ives, Global Head of Tech Research at Wedbush, and Gene Munster, Managing Partner at Deepwater, delve into the future of AI and Big Tech. They discuss the continued bullish sentiment surrounding AI, predicting substantial growth and opportunities in the sector. Ives highlights NVIDIA's chip scarcity as a key driver, while Munster emphasizes the long-term potential of AI investments. Both guests forecast which major tech players might lead the market in 2026, suggesting that small-cap AI beneficiaries could also play a significant role in this evolving landscape.
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Episode notes
AI Buildout Is Early And Structural
- Gene Munster believes AI is still early and will drive outperformance for years despite macro risks.
- He calls the market the "second inning" and expects patience will reward long-term wealth creation.
NVIDIA's Lead Is Durable
- Dan Ives emphasizes insatiable demand for NVIDIA chips with 12:1 demand-to-supply in Asia.
- He sees NVIDIA retaining a 3–4 year technology lead and calls the stock undervalued for 2026.
Valuations Depend On AI Utility
- Gene frames valuation as dependent on AI's eventual utility and earnings growth.
- He notes the Mag-7 trade trades around 27x next-12-months, reasonable if multi-year 15–20% growth materializes.