The AI gold rush could spark a 15% rally in tech stocks through the rest of the year as firms shell out $800 billion in the arms race, Wedbush says
Tech firms could shell out billions in the artificial intelligence gold rush, potentially sparking a major tech stock rally through the second half of this year, according to Wedbush.
The firm expects tech companies to dramatically ramp up their spending on AI ventures over the next year, with AI spending across the sector potentially notching $800 billion, analysts said in a note on Monday. Individual firms could increase their AI budgets to 8-10% of their total IT budget in 2024, up from the 1% estimated in 2023, the note added, pointing to a recent uptick in cloud spending among competitors like Google and Microsoft.
That coming AI"spending wave" could set up conditions for another major rally in tech stocks, adding to the sector's stellar performance this year amid the hype for ChatGPT. "We see tech stocks heating up in 2H," analysts said, estimating that the sector could rally as much as 12-15% as firms scramble to invest in generative AI."The 2nd, 3rd, and 4th derivatives of this AI Gold Rush are just starting to evolve for the tech landscape based on our recent work in the field and we view this as a '1995 Internet Moment' … NOT a 1999 Dot.Bubble Moment," the note added.
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