A bank with $5.7 billion in assets believes that one stock market sector is in the early stages of a multi-year bull market.
In a new CNBC Television interview, Wedbush Securities global head of technology research Dan Ives says the tech sector is having its own bull run, noting that investors are not seeing the full potential of the artificial intelligence (AI) revolution.
“I believe we’re only in the second inning of a nine-inning game. Because it’s our view on the enterprise side that it’s just started to play out from use cases. I think as we go into the consumer and ultimately what’s going to be autonomous and really the derivatives.
I mean my view in the next two to three years, we have a tech bull market and I think AI revolution, the actual impact over the medium and long term is actually being underestimated.”
According to Ives, the tech sector’s bull market is fueled by surging demand for services and massive investment in developing AI engines.
“What I see on the public side, I see ultimately demand that’s 30% to 40% more than what I saw three to four months ago. I see a CapEx (capital expenditure) ultimately, really a transformational CapEx that I view as the fourth industrial revolution.”
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