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Tech stocks are poised for a double-digit rally by the end of 2024, followed by an even stronger bull market in 2025, according to a report released Sunday by Wedbush analysts.
After spending several weeks in Asia, Wedbush analysts expressed greater confidence in their “AI Revolution” demand thesis, highlighting significant demand in the supply chain for AI chips, led by Nvidia (NASDAQ: NVDA). This demand is driving an increase in enterprise spending as AI applications expand across various industries.
Wedbush estimates that the overall AI infrastructure market could expand tenfold by 2027, with approximately $1 trillion in AI capital expenditures expected over the next three years. This tech spending wave is seen as a major growth driver for companies in semiconductors, software, infrastructure, and cybersecurity, as more generative AI models become critical to enterprise operations.
“AI projects and strategic initiatives continue to receive top priority within many enterprise IT budgets for 2025,” analysts said in the note. They anticipate a significant phase of software-driven growth as AI use cases become a focus for chief information officers.
Key Players in the AI-Driven Tech Boom
While Nvidia and Microsoft (NASDAQ: MSFT) are seen as leaders in AI, Wedbush also identified other key players driving the AI revolution, including Oracle (NYSE: ORCL), ServiceNow (NYSE: NOW), Palantir (NYSE: PLTR), Salesforce (NYSE: CRM), Dell (NYSE: DELL), IBM (NYSE: IBM), Apple (NASDAQ: AAPL), AMD (NASDAQ: AMD), and others.
“In a nutshell, we believe the stage is set for tech stocks to move 10% or more higher into year-end and another 20% in 2025 as this tech bull market enters its next phase, led by the AI Revolution,” analysts continued.
Market Outlook and Q3 Earnings Expectations
Wedbush expects the current AI-led tech spending trend to be a transformative force, potentially boosting margins and growth for tech companies through 2025. While market volatility is possible ahead of the U.S. Presidential Election, the firm predicts a “very strong Q3 tech earnings season.” The analysts believe the market is underestimating the ripple effects of the AI-driven spending cycle, which they see as just beginning to impact the broader tech sector.
