Dan Ives, the global head of technology research at Wedbush Securities, believes that one stock market segment will continue to surprise investors with its upside in the next five years.
In a new CNBC Television interview, the investor says that stocks in the US tech sector will continue to print gains and trade above their fair value in the coming years.
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According to Ives, the tech sector will witness massive developments in the years ahead, fueled by the rapid advancement and widespread adoption of artificial intelligence (AI).
“My view of tech, if you focus just on valuation, you missed every transformational tech stock in the last 20 years. I believe the market is still massively underestimating what growth is going to look like for the AI revolution in tech…
You could say some of these are expensive. You’ve got the next two, three, four, five years, given our view of autonomous robotics, that’s why I think we’re going to be talking about the Nasdaq 20,000, 25,000, over the coming years.
And that’s why any type of geopolitical sort of events, we always view as opportunities to own these names cheaper. That’s always been our view in the last 25 years covering tech.”
As of Tuesday’s close, the Nasdaq is trading at 21,719 points.
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