Dan Ives Says Market Is 'Massively Underestimating' This AI Play, Urges Investors To Look Beyong Mag 7
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Dan Ives' new artificial intelligence exchange-traded fund (ETF) holds securities beyond the Magnificent 7 stocks, as he believes in looking past valuations for investments in the technology sector.
What Happened: The Dan IVES Wedbush AI Revolution ETF (NYSE:IVES), managed by the Wedbush analyst, started trading on June 4, earlier this month.
Ives boasts of the fund by saying that it just doesn't have the top four, five Magnificent 7 names, but stocks which investors wouldn't even thematically consider as an AI name today.
"I believe the market is still massively underestimating what the growth is going to look like for the AI revolution in tech," he told CNBC.
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According to him, tech trade remains significant even for the investors who missed out on its growth in the past few years.
"If you focus just on valuation, you miss every transformational tech stock of the last 20 years," Ives said.
Ives says Oracle Corp. (NYSE:ORCL) will be the 'epicenter' of the AI theme, while highlighting other 'AI 30' stocks which are part of his fund.
Palantir Technologies Inc. (NASDAQ:PLTR), International Business Machines Corp. (NYSE:IBM), Salesforce Inc. (NYSE:CRM), SoundHound AI Inc. (NASDAQ:SOUN), and Innodata Inc. (NASDAQ:INOD) are a few notable names that are a part of his ETF's 'AI 30' basket.
Microsoft Corp. (NASDAQ:MSFT), Nvidia Corp. (NASDAQ:NVDA), and Broadcom Inc. (NASDAQ:AVGO) are the top three holdings of the IVES fund.Why It Matters: The 'AI 30' stocks, which are a part of the IVES ETF, hold the AI plays from multiple industries. They include hyperscalers, cybersecurity, consumer platforms, and robotics. According to Ives, the list was compiled from his deep dives into major AI players.
The ETF has $183 million in assets under management as of June 17 close. Ives said that the AI space was experiencing a "golden age."
The Dan IVES Wedbush AI Revolution ETF has risen by 2.76% since its inception. A comparable index, S&P Kensho Global Artificial Intelligence Enablers, rose 6.08% on a month-to-date basis.
Meanwhile, the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, declined slightly on Wednesday. The SPY was down 0.015% at $597.44, while the QQQ was 0.017% lower at $528.99, according to Benzinga Pro data.
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This article Dan Ives Says Market Is 'Massively Underestimating' This AI Play, Urges Investors To Look Beyong Mag 7 originally appeared on Benzinga.com
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