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Wedbush is out with a bullish call on Palantir (PLTR), raising its price target to $50 for 2025 amid a heated AI race. Wedbush senior equity analyst Dan Ives joins Market Domination to discuss the call and how other Big Tech players are fairing in the AI race.
"The AI revolution's here. And when I look at the next step, the use cases, Palantir, I think, is going to really be the one that's front and center in a lot of these deals," Ives argues, calling the company the "Messi of AI."
He points to IP (intellectual property) conversion as a major growth area alongside its commercial and government businesses. He adds, "I don't know how you could have a basket of AI stocks and just dismiss Palantir."
Broadening the conversation, Ives expects a "massive tech earnings season" for semiconductors: "There's no denying this AI revolution is probably the biggest tech trend we've seen in the last 40, 50 years."
Apple (AAPL) is the latest player to enter the AI game, announcing its plans to integrate OpenAI's large-language model into its platforms. Ives states that despite skeptics, the new AI abilities are leading to rising demand for the iPhone 16.
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2024/07/18
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