Nasdaq could hit 20,000 in 2024, says Wedbush’s Ives

Ongoing AI tailwinds could boost the Nasdaq to new highs in 2024, according to Wedbush Securities’ Dan Ives.
“While we can see ebbs and flows in the coming months given Fed jawboning/macro factors, we believe tech stocks will be up 25% in 2024 with a NASDAQ 20k level our bull case scenario as the Street is still significantly under estimating how quickly this AI monetization cycle is playing out among enterprises in the field,” he said in a note to clients.
According to Ives, the new bull market for technology stocks is currently underway as companies ramp up spending behind artificial intelligence. The behemoths, along with a handful of software and chip companies, may have led the early stage, but Ives expects breadth to broaden well beyond the Magnificent 7 in 2024.
This setup could create a potential “tidal wave” of merger and acquistions activity within the software and chipmaking space, Ives wrote, noting that he favors technology giants $Apple(AAPL.US)$ , $Microsoft(MSFT.US)$ and $Alphabet-C(GOOG.US)$ , along with $MongoDB(MDB.US)$ , $Palo Alto Networks(PANW.US)$ and $Palantir(PLTR.US)$