Dan Ives Acknowledges Nvidia, Microsoft As ‘Core Drivers Of AI’ But Sees Palantir, IBM, AMD And Apple Joining The Party As Well

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Wedbush Securities analyst Dan Ives forecasts a “robust” third-quarter earnings season for technology companies, citing artificial intelligence adoption, improved enterprise spending, and rebounding digital advertising as key growth drivers.

What Happened: In a post on X, formerly Twitter, Ives highlighted an expanding roster of companies beyond traditional AI leaders that are now capitalizing on the technology revolution.

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While NVIDIA Corp (NASDAQ:NVDA) and Microsoft Corp (NASDAQ:MSFT) are “the core drivers of AI, now we are seeing many other tech stalwarts join the AI Party,” Ives wrote, listing Oracle Corp (NYSE:ORCL), SAP SE (NYSE:SAP), ServiceNow Inc (NYSE:NOW), Palantir Technologies Inc (NYSE:PLTR), Salesforce Inc (NYSE:CRM), Dell Technologies Inc (NYSE:DELL), IBM Common Stock (NYSE:IBM), Apple Inc (NASDAQ:AAPL), and Advanced Micro Devices, Inc. (NASDAQ:AMD) among the companies making significant moves in artificial intelligence.

The analyst expressed optimism about the technology sector’s near-term prospects, stating, “We believe the next phase of the AI Revolution has begun.” He expects this momentum, combined with strengthening enterprise spending and a recovery in digital advertising, to push technology stocks higher through the end of the year.

This expanding AI landscape indicates a broader range of investment opportunities beyond the few companies that initially dominated the AI narrative earlier in the year, according to Ives.

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Why It Matters: The anticipation of a strong third quarter for tech firms aligns with recent trends in the industry. Nvidia remains a top pick within the AI sector, with analysts labeling it a “generational opportunity” due to its dominant market position in AI chips.

This sentiment is echoed by Taiwan Semiconductor Mfg. Co. Ltd.‘s (NYSE:TSM) recent earnings, which exceeded expectations due to strong demand for AI chips, further supporting the bullish outlook for tech companies.

Additionally, the third quarter earnings preview suggests that the tech sector is poised to outperform, while other sectors like energy may face challenges.

This optimism is further supported by increased ad spending, as seen with Meta Platforms Inc (NASDAQ:META), where analysts have raised price targets ahead of its earnings report, driven by strong ad spending.

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