April 24, 2024

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The tech industry is witnessing a transformation as significant as the advent of the Internet in the 1990s, with artificial intelligence (AI) at the forefront of this seismic shift, according to Wedbush.

Analysts at Wedbush have drawn a striking analogy to describe the impact of AI, likening a standout company in the AI arena to football legend Lionel Messi, while still labelling NVIDIA Corp.s NVDA Jensen Huang as the pioneering Godfather of AI.Rise Of AI Investments

Daniel Ives and his team at Wedbush predict a surge in technological investments towards AI in the coming decade. This anticipation stems from the evident monetization of AI technologies, as demonstrated in recent earnings reports across the tech sector. The analysts anticipated $1 trillion directed into AI technological advancements over the next 10 years.Loading… Loading… AI Beyond NVIDIA And AMD

While Nvidia, under Jensen Huangs stewardship, initially stood unchallenged in the AI chip domain with Advanced Micro Devices Inc. AMD gearing up to enter the scene the narrative is rapidly expanding beyond these two giants.

Its all about the 2nd, 3rd, and 4th derivative of this AI Revolution, Wedbush wrote.

The focus is shifting from hardware to the applications and use cases of AI, where Palantir Technologies Inc. PLTR emerges as the industrys Messi.

Palantirs U.S. commercial business witnessed a remarkable 70% growth year-over-year, thanks to its innovative AI platform (AIP). The company recently reported earnings per share of 8 cents, doubling its performance from the previous year.

Shares of Palantir Technologies rallied over 40% last week on the heels of a stronger-than-expected earnings report, marking the second-strongest week since the companys IPO in 2020.

The Global X Defense Tech ETF SHLD holds the largest portfolio share of Palantir, with a 4.9% weight, followed by the Meet Kevin Pricing Power ETF PP , with a 4.7% weight.

Chart: Palantir Shares Rocketed Following A Spectacular Earnings Report Leaders Of The Tech Revolution

Despite the growing competition, Wedbush maintains its preference for tech giants such as Apple Inc. AAPL , Microsoft Corp. MSFT , Alphabet Inc. GOOGL , Palo Alto Networks Inc. PANW , Palantir Technologies, Zscaler Inc. ZS , CyberArk Software Ltd. CYBR , Crowdstrike Holdings Inc. CRWD , and MongoDB Inc. MDB .

These companies are positioned at the heart of what is described as the most significant technological revolution in three decades. Dubbed the 1995 Moment for AI, the current period marks the beginning of the second, third, and fourth waves of the AI revolution, stretching into 2024.

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