看空人工智能？告诉大型科技公司即将花费的6000亿美元

Despite a sharp pullback in major artificial intelligence tech stocks like Tesla Inc. (NASDAQ:TSLA), Microsoft Corp. (NASDAQ:MSFT), Palantir Technologies Inc. (NASDAQ:PLTR), and Nvidia Corp. (NASDAQ:NVDA), the downturn appears to be a brief panic rather than any real slowdown in the AI boom.

Big Tech’s massive cloud spending and surging enterprise AI adoption are still powering a multiyear growth cycle that could keep the AI-driven rally alive into 2026 and beyond.

AI Sell-Off Seen as Temporary Panic

Wedbush analyst Dan Ives argued that the recent sell-off in top AI tech names like Tesla, Microsoft, Palantir, and Nvidia reflects a temporary panic rather than a fundamental shift.

Also Read: Nvidia Bought by Major Investor Betting on ‘Broader’ AI Growth

The analyst says turbulent trading began a few weeks ago when Palantir reported extremely strong growth, yet the stock slid sharply the next day.

That reaction fueled renewed “AI bubble” fears, alongside concerns about Nvidia’s China revenue exposure, uncertainty around OpenAI’s future, and high-profile short-seller commentary stirring anxiety.

Ives sees this volatility as short-lived. The analyst expects tech stocks to rebound into year-end as investors continue to pile into the generational AI boom.

In his view, we are still early in what he calls the AI Revolution — producing second-, third-, and fourth-order growth effects across consumer and enterprise technology.

Analyst Flags Growing AI Investment Cycle

Ives identifies several turning points that confirmed this thesis: Microsoft’s investment in OpenAI in early 2023 and Nvidia’s blowout earnings that May, which set off a historic AI spending cycle.

While bearish voices continue to warn of an AI bubble, the analyst counters that tech capital expenditures are accelerating and driving a new Industrial Revolution that will sustain the bull market for at least two more years.

Ives highlights the biggest takeaway from third-quarter earnings: hyperscalers — Microsoft, Amazon.com Inc. (NASDAQ:AMZN), and Alphabet Inc. (NASDAQ:GOOGL)— reported strong cloud results and signaled major increases in spending through 2026.

Meta Platforms Inc. (NASDAQ:META) and other giants are leading this new investment phase. He forecasts Big Tech’s capital spending could reach $550–$600 billion in 2026, up from about $380 billion this year.

Enterprise AI Acceleration and Nvidia’s Central Role

Ives also sees enterprise AI adoption gaining momentum. Palantir’s U.S. commercial business smashed expectations, and the analyst expects Snowflake Inc. (NYSE:SNOW) and MongoDB Inc. (NASDAQ:MDB) to show similar trends. He calls this intense acceleration an “AI arms race,” powered by tech-industry spending that continues to ramp.

At the center of it all, Ives places Nvidia. The analyst calls the company the foundation of AI, with Jensen Huang maintaining the clearest view of enterprise demand. For every dollar spent on Nvidia AI processors, he estimates the broader tech ecosystem gains another $8–$10 in follow-on spending.

Ives believes Nvidia’s upcoming results will provide another strong proof point for the AI thesis and could push the market higher into the end of the year, with investors still underestimating AI’s scale and impact.

Price Action: NVDA stock was trading higher by 1.51% to $189.72 at last check Friday.

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