Big Tech, Chips Will Push Nasdaq to 30,000, Ives Says

Summary

Dan Ives of Wedbush Securities discusses the ongoing AI revolution, highlighting strong demand for AI chips and predicting the Nasdaq will reach 30,000 within six to nine months. He views the Cerebras IPO as a positive signal for the tech sector and remains bullish on OpenAI as a long-term winner despite near-term headwinds. The chip trade, led by NVIDIA, AMD, and Intel, is expected to rally at least 20% higher.

• Dan Ives reiterates his bullish stance on the AI chip trade, expecting at least 20% upside in the sector.
• He names NVIDIA, AMD, and Intel as key beneficiaries of the AI chip demand/supply imbalance.
• Ives predicts the Nasdaq Composite will reach 30,000 in the next six to nine months, driven by AI derivatives.
• He describes the Cerebras IPO as a watershed moment for the tech sector and AI-exposed companies.
• Ives addresses near-term negative news around OpenAI but believes it will be a core long-term winner.
• He acknowledges Anthropic's strong model but cautions against painting all AI companies with a short-term brush.
• The interview emphasizes that the AI revolution is still in its early innings, comparing it to the third inning of a baseball game.
• Demand for AI infrastructure continues to accelerate, with spending increasing quarter over quarter.