‘The haters will hate’: Dan Ives predicts Nasdaq 30,000 as AI rally expands

In this article

The Nasdaq will rise to 30,000 points in the next year as a bumper earnings season continues to bolster enthusiasm for AI stocks, Dan Ives, managing director at Wedbush Securities, told CNBC’s Squawk Box Europe on Monday.

A solid tech earnings season has seen investor jitters earlier this year replaced with bullishness over the AI infrastructure buildout. At close on Friday the Nasdaq Composite ended at 26,247.08, marking a 12.93% increase so far this year.

“These earnings have validated the AI bullish thesis,” Ives said. “Demand and supply is 10-1 for chips. We are in the early days still of the AI revolution. The haters will hate, and we know that.”

Michael Burry of “Big Short” fame on Friday warned that the stock market’s fixation on AI is beginning to resemble the final stages of the dot-com bubble.