{"id":47302,"date":"2023-08-11T14:25:43","date_gmt":"2023-08-11T18:25:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tech-pullback-will-be-short-lived-analyst-says-ai-to-drive-nvidia-apple\/"},"modified":"2023-08-11T14:25:45","modified_gmt":"2023-08-11T18:25:45","slug":"tech-pullback-will-be-short-lived-analyst-says-ai-to-drive-nvidia-apple","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47302","title":{"rendered":"Tech Pullback Will Be Short-Lived, Analyst Says. AI to Drive Nvidia, Apple."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000717944\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>The tech-heavy Nasdaq Composite\u2019s recent gains have been limited, with only two positive days in August. Wedbush analyst Daniel Ives sees a big bounce soon. <\/p>\n<div class=\"paywall\">\n<p>Although eking out a small gain on Thursday, the Nasdaq, down 4.35% over the last 14 days, was on pace for its largest two-week decline of the year on Friday. It will also be the first time the index has fallen on consecutive weeks this year. The index, down 4.6% for the month, is pressured partly due to rising Treasury yields. The latest earnings from<br \/>\n        Apple<br \/>\n       (ticker: AAPL), as well as known software names including<br \/>\n        Palantir Technologies<br \/>\n       (PLTR) and<br \/>\n        Datadog<br \/>\n       (DDOG) have failed to impress investors. It doesn\u2019t help that August is historically the second worst month for the index. <\/p>\n<p>\u201cWe expect pullback to be short-lived,\u201d Ives said, in a note on Friday, still firmly sticking with his bullish call that tech stocks could see a boost of 12% to 15% in the second half of the year. He first made the call in June, revising his forecast of a 10% to 12% gain.<\/p>\n<p>Ives has long been a tech bull and has even predicted<br \/>\n        Apple<br \/>\n       to hit $4 trillion market capitalization by 2025. The company presently sits at $2.8 trillion. <\/p>\n<p>The analyst\u2019s optimism about the Nasdaq stems from his view that artificial intelligence isn\u2019t a hype cycle and spending on AI tools will ramp up slowly, with companies allocating $800 billion to the area incrementally over the next decade. <\/p>\n<p>\u201cRome was not built in a day, and neither will the AI ecosystem\u2014but lets be clear, this build out is unlike anything we have seen since the internet in 1995,\u201d he said. Ives expects the tech market to rage for the next 12 to 18 months. <\/p>\n<p>The winners? He picks Nvidia\u00a0(NVDA), which leads the market for semiconductors used for AI applications. Ives rates the company\u2019s stock at Outperform with a $490 target price, implying a roughly 20% gain from Friday\u2019s value. <\/p>\n<p>Other picks include<br \/>\n        Microsoft<br \/>\n       (MSFT), the investor in OpenAI\u2014the developer of AI sensation ChatGPT, and Apple, which he expects to build an AI-driven app store. He rates stocks of both companies Outperform, with a $400 and $230 target price, respectively. <\/p>\n<p>Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/tech-nasdaq-downturn-ai-nvidia-microsoft-apple-eb1aaf59?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tech-heavy Nasdaq Composite\u2019s recent gains have been limited, with only two positive days in August. Wedbush analyst Daniel Ives sees a big bounce soon. Although eking out a small gain on Thursday, the Nasdaq, down 4.35% over the last 14 days, was on pace for its largest two-week decline of the year on Friday. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-47302","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech Pullback Will Be Short-Lived, Analyst Says. AI to Drive Nvidia, Apple. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The tech-heavy Nasdaq Composite\u2019s recent gains have been limited, with only two positive days in August. Wedbush analyst Daniel Ives sees a big bounce\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=47302\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tech Pullback Will Be Short-Lived, Analyst Says. AI to Drive Nvidia, Apple. | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"The tech-heavy Nasdaq Composite\u2019s recent gains have been limited, with only two positive days in August. 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