One suspects, if Mr. Dan Ives of Wedbush Securities were to be believed (a dangerous occupation in itself), the inhabitants of Wall Street ought to be seen swaggering about in a delirium of optimism, clutching battered copies of Forbes and stopping only to toast the “golden age” of tech with something ghastly from the minibar. 🥂
This, at any rate, was the spirit of his address to CNBC, where, brimming with what could only be described as a Messianic fervour seasoned with just the right hint of self-interest, he announced that not only has the great journey of the tech sector only just begun, it is—one fears—a never-ending picnic. Artificial intelligence, formerly hyped only by the more excitable of TED talkers, is presently marching through the markets with all the undergraduate subtlety of a brass band.
“I think we’re just beginning this golden age for tech,” declared Mr. Ives, presumably while casting a longing gaze at his NASDAQ charts, “and the reason I think tech stocks are up 10 to 15% in the second half of the year is because the second, third, fourth derivatives of AI, they’re just starting to play out. I mean, when you look across software, you look across semis, you look across the consumer report.” Catherine at the opera could hardly have sounded less credible.
“And to me, that’s really the focus here— is that as the AI revolution plays out, that’s how I think you get to Nasdaq 22,000 or 23,000.” If this is the revolution, bring on the guillotine (preferably for underperforming algorithms).
As for price dips—those momentary reminders from the gods that gravity exists and hubris is still frowned upon—Ives is not perturbed. On the contrary, these undulations in the chart are, he assures us, opportunities. Bless. “I mean my whole career, those are the opportunities, if you think the fundamental stories are playing out.” The air of a man who has never seen a bad lunch, let alone a bear market.
The Nasdaq Composite presently limps along at 20,601 points, a dazzling 1.02% higher than yesterday—progress, it seems, is now measured with precision bordering on the meaningless. 🍾
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2025-07-07 15:22