Tech is about to have its ‘1995 moment’: Wedbush’s Dan Ives

Tech stocks were the talk of Wall Street in 2023 centering around Magnificent Seven and AI drivers, and it looks like that will continue in 2024. With companies placing major investments in AI across their respective business models, it may signal a paradigm shift. Wedbush Securities Managing Director and Senior Equity Analyst Dan Ives joins Yahoo Finance to give insight into what he refers to as "the start of the fourth industrial revolution" and which companies stand to best capitalize on this shift. Ives points out how dominant tech will be this year, affirming: "What this is going to do to the chip sector in terms of this cycle, I think a lot of these chip names, you'll see M&A, what's been Salesforce (CRM), Adobe (ADBE), Oracle (ORCL), it's one where we believe it's a 1995 moment. The biggest tech transformation in the last 30 years." "We believe, the new tech market has begun despite the bears winning a few battles the first few days of the year," Ives continues to say. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino.