A New Bull Market for AI Technology: What It Means for the Future

Friday - January 19 2024, 21:29 UTC - 10 months ago

Wedbush analyst Dan Ives believes that the new technology bull market has begun and predicts that AI spending will increase from 1% to 8-10% of IT budgets by 2024. At CES, executives and CEOs were actively seeking AI technology and companies to acquire. Apple, Microsoft, and Google are leading the charge in the AI industry, with Tesla emerging as a major player with their Full Self-Driving technology.

The world is witnessing a new era in technology, as the market for AI continues to grow at an unprecedented rate. At the forefront of this technological advancement is Wedbush analyst Dan Ives, who believes that the new technology bull market has officially begun. This comes as no surprise, as AI has already made its way into various industries, including healthcare, transportation, and entertainment.

Ives predicts that the spending on AI technology will increase significantly over the next few years. Currently, AI technology accounts for only 1% of IT budgets, but by 2024, this number is expected to reach 8-10%. This is a reflection of the growing demand for AI solutions in various industries and the potential for companies to increase their efficiency and productivity.

At the recent Consumer Electronic Show (CES), Ives was surprised by the presence of numerous executives and CEOs who were actively seeking out new technology and companies to acquire. This further solidifies the fact that AI is no longer just a buzzword but a crucial investment for companies looking to thrive in the future.

Apple, one of the world's leading tech companies, is also jumping on the AI bandwagon. Ives believes that they will soon launch an AI only segment on their App Store, which could potentially add $500 billion to their overall value. This shows the immense potential for companies to capitalize on AI technology and gain a competitive edge in the market.

It's not just Apple, but other tech giants like Microsoft and Google are also making significant strides in the world of AI. Earlier this year, Microsoft added a button for their AI coPilot on their keyboards, making it easier for users to access AI technology. Along with this, Google and other companies are also investing heavily in AI and trying to keep up with the ever-changing landscape of the industry.

However, when it comes to leading in AI technology, Microsoft seems to have the upper hand. Ives believes that Microsoft is currently at the forefront of this technological revolution, and their recent updates and advancements have only solidified their position as a leader in AI. On the other hand, Google is slowly catching up, but they still have a long way to go before they can compete with Microsoft on the AI front.

One company that has been making waves in the AI industry is Tesla. With the development of their Full Self-Driving (FSD) technology, they are poised to become one of the major players in this space. Ives predicts that this year will be a turning point for Tesla as they establish themselves as a leader in AI, leaving behind other non-Tesla electric vehicles.

In conclusion, the future of technology is undoubtedly in the hands of AI, and companies that choose to embrace this new trend will reap the benefits in the long run. With analysts like Dan Ives predicting a bright future for AI technology, it's only a matter of time before AI completely revolutionizes the way we live and work.