This is a tech bull market that can go another two years, says Wedbush's Dan Ives

요약 보기

AI 혁명은 초기 단계이며 이번 기술 강세장은 2년 더 갈 수 있다고 주장. 버블 우려는 2~3차 파생 효과를 못 본 시각이라 반박. 마이크로소프트를 최선호 종목으로 꼽고, 알파벳은 Gemini 3 효과와 AI 부문 가치로 추가 상승 여력(약 80달러)을 언급. 델 실적은 AI 서버 매출 가이던스 상향(약 250억 달러)을 긍정 평가.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. Now, let's get into the tech trade with our next guest right here on set. Dan eyes from Wed Bush here to tell us how to play the AI revolution. Why he says we're not in a bubble. Dan on AI. This market has been ridiculously flighty. I'm old enough to remember when open AI was going to kill Google search and when the narrative was Apple's dead money because it missed AI with Apple intelligence and that Oracle is the fourth hyperscope.

02. That was a recent one. You got to do your homework, not get caught up in each week's hype. So with that in mind, what are your picks? I mean, look, that's why I mean, we spend our time in Asia and around the world, right? Because what the demand looks like and you know, we talk about our top 10 picks here.

03. You know, I think on the hyperscalers, to me, Microsoft continues to be the one that's just table pounder here relative to what I view as sort of the enterprise that's right in their backyard. Everything we see in Azure, look, 20% of the deals that we're seeing from Microsoft to Amazon to Google have been accelerated over the last few weeks despite what we're seeing here.

04. Palunteer to me on the use case side continues to be front and center. I think that's one I I get the valuation worries, but that is really I think right at the epicenter of what we're seeing and and it continues. This is just the start. Dan, hang tight. Dell earnings are out. The stock is initially popping a bit uh here in overtime.

05. Christina Partos has the numbers. Christina John Dell delivered a mixed report. Earnings came in strong at $259 per share, beating expectations. But revenues of 27.01 billion came in slightly light. Gross margins though 20.7% beating estimates despite these higher memory prices. Many concerns about that going into earnings.

06. The story though was really about the split between their two main businesses. The infrastructure solutions group that's servers, networking, storage, that it beat estimates. But the client solutions group, which is PCs and laptops, fell a little bit short. Dell raised guidance across the board. They're now expecting fullear revenue of 111.2 to $112.2 billion.

07. That's well above uh Wall Street estimates. And then the same thing for the earnings per share guidance. It also came in higher at $9.92. And lastly for AI exposure, the CFO saying in the release that they're raising their AI shipment guidance to roughly $25 billion, up from the previous 20 billion target.

08. And I'm also seeing just on the headlines that Dell is going to be working with IN, which is they operate data centers in Canada. So perhaps uh there's not really a market reaction in that stock, but the two will be working together to uh build data centers in Canada, guys. All right, Christina, thank you.

09. Dan, how much is Dell swung around by just how much of an allocation Michael Dell gets from Jensen Huang at Nvidia? Because AI is so much the story of why the stock has gone up. If you if you own the stock, that's what you care about. I mean, you're not focused on P. You're focused on the AI play relative to the reads for Nvidia.

10. And it's look, it speaks to what we're talking about. The second, third, fourth derivatives are just starting to play out across the AI revolution. And I think those that call it a bubble, you know, it's easy to call it a bubble because you don't see in the spreadsheet. I believe this is a tech bull market goes on another two years.

11. Look at Alphabet is another example. New York City cab driver was bearish in Alphabet to start the year. Now look, because the reality is AI is a tailwind for them. We're seeing that, you know, even with Broadcom and, you know, everything was on the chip side. I mean, yesterday the president signed an executive order for Genesis mission.

12. This is the big AI project that is going to hearken back to, you know, the postw World War II years of Manhattan project here. Is there government backs stop here? Is that one more reason why you should be buying into this bull market for AI? Yeah. And look, I mean, as we spend so much time in DC, the reality is .

13. And and when it comes to what we've seen from big tech, I think there is a government backside because the reality is is that it's led by godfather of AI genvidia. It's led by Microsoft. It's led from what we see with open AI. And look, the worries about the too big to fail and some of the concerns.

14. We are still like we talked about we're top of the third maybe one out in terms of this AI game. And I think we have two more years left in this tech bull market and it that really continues to be the core here from all of our checks. I just want to go back to Alphabet as it does trade at a record high right now and that is how much of a gamecher is Gemini 3 and how quickly is the technology changing in general in terms of winners and losers like how to gauge that how to think about that as an investor.

15. Yeah, because back was against the wall for really for a few years. Now you're seeing a major change there from Gemini and ultimately I think Apple that's really going to walk down the aisle with them from a Gemini partnership that's going to be their AI piece. And then you look what's happening on chips.

16. You look at the sum of the part. Look, I could argue Alphabet, you have another $80 upside relative to the AI piece that's not factored in yet into the story. No text.