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- AI-driven growth will fuel the tech rally into the year's end and beyond, Wedbush Securities Dan Ives said.
- The bull run will continue despite uncertainty over the Fed's interest rates and an elevated 10-year Treasury yield.
- Tech spending has been stable in the third quarter, laying the groundwork for further gains
The tech sector will rally well into 2024, as an artificial intelligence spending spree will help it power the sector past policy concerns and higher bond yields, Wedbush Securities' Dan Ives wrote on Tuesday.
"We believe the Nvidia guidance last month heard around the world speaks to a tidal wave of AI-driven spending on the horizon for the tech sector over the coming years," he said, estimating tech growth to last for the next 12-18 months.