Tech bull market continues for 2-3 more years: Wedbush's Dan Ives speaks at SA investment summit

Wedbush Securities believes that the ongoing bull market for US technology stocks is gaining traction right now and will probably continue until 2027.

The S&P 500 (SP500) information technology sector has risen about 31% since the beginning of this year, and the technology select sector SPDR fund ETF (NYSEARCA: XLK) linked to it has risen by about 20%.

The performance of this sector has become an important driving force in the Wall Street bull market where the S&P 500 (SP500) index, which is the benchmark, has rapidly risen to a record level exceeding 5,400 points.

Dan Ives, managing director of equity research at Wedbush Securities, said at the Seeking Alpha Investing Summit held on Tuesday that “the tech bull market has just begun.”

Ives added that the high tech bull market will continue for another 2 to 3 years. This analyst is known on Wall Street for being bullish on technology stocks.

Ives also said that one year from now, investors will see the total market value of megacap technology companies go from $3.0 trillion to $4.0 trillion.

This Wedbush analyst's prediction was announced at a time when three companies, the iPhone manufacturer Apple (AAPL), Microsoft (MSFT), which is the leader of artificial intelligence (AI), and NVDA (NVDA), a major chip company that joined this club very recently, have already broken through 3 trillion dollars in total market capitalization among the members of the “Magnificent 7” club.

Alphabet (GOOG) (GOOGL) under the umbrella of Google is 2.18 trillion dollars, the e-commerce giant Amazon (AMZN) is 1.89 trillion dollars, Meta Platforms (META) under the umbrella of Facebook is 1.27 trillion dollars, and the electric car manufacturer Tesla (TSLA) is 575.31 billion dollars.