With 2024 right around the corner, many people are reflecting on the current year and while setting their intentions for the coming one.
Artificial intelligence has been the story of 2023, with companies like Nvidia (NVDA) -) and Microsoft (MSFT) -) that are squarely in the middle of the tech revolution seeing their market caps skyrocket. Those stocks are part of the "Magnificent Seven" that have jumped 75% in 2023 and have ballooned to account for about 30% of the S&P 500's entire market value.
Related: Fund manager who predicted the S&P 500 rally issues new 2024 target
Tech analyst Dan Ives and his team at Wedbush have been reflecting on 2023 and the 20-year Wall Street veteran released his research firm's top 10 predictions for the coming year this week.
The Wedbush team expects AI to "go mainstream" in 2024 with AI comprising between 8% and 10% of IT budgets in the new year, compared to just 1% now. Tech stocks will be the obvious beneficiaries of this increased spending, and Wedbush expects them to rise 25% in 2024.
Dan is a Tesla (TSLA) -) uber-bull, so he has lofty expectations for the electric vehicle maker. He expects the company to introduce a "sub $30k vehicle produced out of Mexico that could drastically change the unit volume game."
One of the wilder predictions from the Ives team is Apple (AAPL) -) purchasing ESPN. "We believe the answer and the shoe that fits for Apple is the golden ESPN assets which potentially may be on the table in one form or another as Iger and the Board strategically and carefully look at Disney's core assets."
With Disney head Bob Iger saying he expects ESPN to have a standalone streaming option by 2025, the chances of Disney selling the company in 2024 are probably pretty minute.
Speaking of Apple, Ives expects the tech giant to become the first $4 trillion company in 2024, followed closely by Microsoft in 2025 in early 2025 "as the AI Revolution fully takes hold.
You can check out Ives full list below.
Our Top 10 Tech List for 2024 🐂🔥👇 pic.twitter.com/EXpeVwbT5r
— Dan Ives (@DivesTech) December 18, 2023
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