NVDA, AMD, MU, MSFT, ORCL: Dan Ives Lists Stocks In His Shopping Bag Amid Ongoing Memory Supercycle

• Ives stated that for every dollar spent on an Nvidia chip, there’s an eight- to ten-dollar multiplier across the rest of tech.

• Ives added that while markets are currently pricing in elevated inflation, gas prices, and more, Federal Reserve Chair Kevin Warsh will ultimately need to cut rates over the longer term.

• He said investors understand that if they want to own the tech trade right now, they cannot get caught up with geopolitical and macroeconomic headwinds impacting the U.S. economy.

Dan Ives, Global Head of Tech Research at Wedbush, on Monday listed the tech stocks that he is currently bullish on and are on his shopping list.

During an interview with CNBC, Ives said the tech sector is in the first hour of its third inning of the AI supercycle.

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“On the chip side, it continues to be the Godfather of AI Jensen’s Nvidia, you look at AMD… Micron. This is a memory supercycle that’s going to continue to play out,” he said.

Nvidia, Microsoft, Micron, and Oracle shares were up between 2% and 5% in Monday’s pre-market trade, while AMD shares were down about 4% at the time of writing.

Why Ives Remains Bullish On AI Supercycle

Ives added that on the hyperscaler side, Microsoft Corp. (MSFT) and Oracle Corp. (ORCL) remain his top picks.

“Now it’s spreading… second, third, fourth derivatives across AI. Every dollar spent on an Nvidia chip, there’s an eight-to-ten-dollar multiplier across the rest of tech. That’s why it’s the third inning,” he added.

Meanwhile, Jim Cramer praised Nvidia’s new chip, RTX Spark, unveiled at the ongoing Computex conference. “The Nvidia superchip is obviously additive. It’s amazing for club holding ARM!” he said in a post on X.

Jim Cramer’s post on X | @jimcramer/X

The new Nvidia RTX Spark chip aims to bring AI capabilities to laptops and desktop computers, taking on offerings from Apple Inc. (AAPL).

Warsh Needs To Cut Rates Ultimately, Says Ives

Ives added that while markets are currently seeing through elevated inflation, gas prices, and more, Federal Reserve Chair Kevin Warsh will ultimately need to cut rates over the longer term.

He said investors understand that if they want to own the tech trade right now, they cannot get caught up with geopolitical and macroeconomic headwinds impacting the U.S. economy.

Data from the CME FedWatch tool show that the odds of the Fed keeping interest rates unchanged through 2026 are higher than the odds of a cut.

Source: CME FedWatch

The Invesco QQQ Trust (QQQ) is up 42% over the past 12 months, while the iShares U.S. Technology ETF (IYW) is up 59%.