Speaker · Updated
Dan Ives: latest market views
Summary
Dan Ives is a longtime Wall Street technology analyst and prominent tech bull who was Wedbush Securities' Global Head of Technology Research for eight years before leaving in July 2026 to establish a new investment banking venture.
Chorus has 16 views from Dan Ives across 4 episodes on CNBC Closing Bell, CNBC Power Lunch and Bloomberg Surveillance since October 21, 2026. Their latest calls: bullish on Alphabet, Microsoft, Anthropic and CoreWeave; bearish on Oracle.
Where they stand
Their latest bullish or bearish call on each company.
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
MicrosoftBullish
Azure growth must accelerate with a 100-150bp beat; Microsoft stays clearly ahead of Google and Amazon.
Ives says Microsoft's capex strikes the right balance, and he expects Azure growth to keep accelerating this quarter and next. Street Azure growth of about 44% is only a slight tick up, which he says is not good enough. He argues Azure needs a 100-150bp beat, with whisper numbers about another 100-150bp above consensus going into next quarter, to show growth acceleration toward 50% and calm fears about the tech trade. He also says Microsoft continues to be clearly in the lead on enterprise AI cloud, ahead of Google and Amazon.
“Is a slight tick up good enough? Probably not. I think it probably needs to be about a one to a 100 to a 150 bp type of beat”at 48:08
AlphabetBullish
Alphabet has significant upside over six to twelve months as search advertising rebounds strongly.
Ives argues the bearish concerns about AI disrupting search are overdone. He cites search advertising being on pace for its best year since 2021, and says he expects search to show an uptick. He describes the current run as a renaissance of growth for Alphabet and says it has significant upside over the next six to twelve months. He also notes Alphabet has had no buybacks for the prior two quarters because capex is too big, which he sees as a first since 2017.
“Go back to the last year. I mean, this has been a renaissance of growth that we're seeing for alpha... I believe this is one that has significant upside as we go into the next six to twelve months.”at 50:32
AI infrastructure & data centers
Hyperscaler capex spending keeps flowing, with a 5-6x multiplier across tech; buildout is not slowing.
Ives expects roughly 800 to 1,000 new data centers to be built over the next 12 to 18 months. He acknowledges that perhaps 5% to 8% of them may not happen, and that some neoclouds will face harder capital scarcity. He argues that each dollar of capex generates a 5-to-6 dollar multiplier across the rest of tech, and that the broader build-out of roughly $3 to $4 trillion is happening and is not slowing. He pushes back on doomsday narratives and says the hyperscale AI arms race continues.
“But the reality is for every dollar spent on CapEx, there's a 5 to $6 multiplier across the rest of tech. And that continues to be our view.”at 30:52
CNBC Power Lunch: Previewing Big Tech Earnings, Anthropic IPO Announcement, Countdown to Midterms 10/26/26 ·
CoreWeaveUncertain
CoreWeave's execution over the next 3-9 months will decide its success; not all neoclouds are doomed.
Ives says neoclouds should not be painted with one brush. Winners will be those able to raise capital against backlog at points where they can build a business that could ultimately be profitable. Some will be left without a chair in the game of musical chairs. For CoreWeave specifically, he says its execution over the next three, six and nine months will dictate its future success. He contrasts this with the critical view from Gil Luria and says the whole AI trade should not be dismissed.
“my view there is like [CoreWeave's] execution over the next three, six, nine months will dictate their future success.”at 32:13
CNBC Power Lunch: Previewing Big Tech Earnings, Anthropic IPO Announcement, Countdown to Midterms 10/26/26 ·
AI infrastructure & data centers
Political backlash against data centers and big tech is the biggest AI risk, not capital shortage.
Ives argues the biggest risk to AI is political rather than capital or use cases. He cites grandstanding and narratives created by big tech, including the 'black eye' moments it has produced. Going into the midterms, he sees nervousness that could mean an incremental 5% to 10% of data centers never get built, depending on the election outcomes next week. He still believes this won't stop the broader $3 to $4 trillion of spending, and warns that every data center voted down means China wins.
“Well, we've said the biggest risk to AI is not about capital, the use cases, the fundamental sort of the AI revolution. It is the political sort of environment in terms of the grandstanding as well as a lot of the narratives that have been created by big tech.”at 33:15
CNBC Power Lunch: Previewing Big Tech Earnings, Anthropic IPO Announcement, Countdown to Midterms 10/26/26 ·
AnthropicBullish
Anthropic IPO is bullish for tech; $1.5-1.7T valuation digestible, above $2T investors would push back.
Ives sees Anthropic going public as bullish for broader tech and a foundational piece of the AI revolution. He says valuations around $1.5 to $1.7 trillion are very digestible for investors, but that a valuation significantly above $2 trillion is where most investors would push back. He frames the decision around what the company will deliver over the next six to twelve months and longer-term fundamentals, similar to SpaceX, where an initial pullback after listing is normal.
“...these are longer term stories they play out, but Anthropic going public is bullish for broader tech. It's a foundational piece of the AI revolution.”at 34:57
CNBC Power Lunch: Previewing Big Tech Earnings, Anthropic IPO Announcement, Countdown to Midterms 10/26/26 ·
US is ahead of China in tech for the first time in thirty years, with Anthropic, Nvidia and Microsoft central.
Ives argues that the US is ahead of China in technology for the first time in thirty years. He credits Anthropic, Nvidia and Microsoft as key pieces of this lead and frames it as part of an AI arms race that is playing out. He ties this to public debate about investor participation in Anthropic's IPO.
“first time in thirty years, US is [ahead] of China when it comes to tech, but Anthropic plays a huge piece.”at 35:47
CNBC Power Lunch: Previewing Big Tech Earnings, Anthropic IPO Announcement, Countdown to Midterms 10/26/26 ·
AI chip demand has accelerated roughly 30% in the last month, based on his Asia visit.
Ives was in Asia the week before and saw chip demand accelerate by about 30% over the last month, with enterprises going full throttle on the AI stack. He expects hyperscaler earnings next week to show it. He notes that roughly 20% of the spending will have to be financed with debt or capital raises, which is the tension in the market.
“I was just in Asia last week, the demand has accelerated I think about 30% over the last month.”at 13:26
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
CoreWeaveBullish
Neoclouds are needed for capacity and will likely consolidate rather than disappear.
Ives argues the market is questioning the neocloud business model, but the sector needs more neocloud capacity than exists today. CoreWeave and Nebius are more likely to be consolidators. If weaker neoclouds fail, their capacity gets bought up rather than the build-out slowing.
“I mean, we're talking about the neo clouds play. You almost need more neo cloud from a capacity perspective than we have today.”at 14:38
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
AI infrastructure & data centers
AI capacity demand far exceeds supply; the data center build-out has years left to run.
Demand is 13 times supply today, so the case that demand will not justify the capacity build-out is wrong. He says we are in year three of an eight to ten year build-out, likened to the Las Vegas Strip, and a credit scare does not dent that view. Even if about 5% of data centers don't get built, 800 to 1,000 will still be built. Each dollar of capex multiplies 5 to 6 times across the rest of tech. If some neoclouds fail, their capacity gets bought rather than slowing the build.
“But today demand supply is 13 to one... my view that we're in year three of an eight to ten year build out”at 14:59
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
Public listings of frontier AI labs will accelerate the AI infrastructure arms race.
Ives expects Anthropic to go public in November and OpenAI to follow. As these companies become public, the arms race gets accelerated. He says tech companies see roughly twelve to eighteen months to build out before the window closes, and customers are waiting in line for capacity.
“You talk about Anthropic that will go IPO in November. You know, as they become public, as OpenAI goes public, whether it's 1,200,000,000,000 or 1,400,000,000,000, the arms race just gets accelerated.”at 17:32
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
OracleBearish
Oracle is in the toughest spot, trying to be a hyperscaler while funding it with debt.
Customers are waiting in line for capacity. If Microsoft can't deliver, the demand goes to Amazon, then Google. Oracle is trying to be a hyperscaler while doing it on debt, which is why it is in the toughest spot among the big players.
“That's why Oracle right now is maybe in the toughest spot because they're trying to be a hyperscaler, but they're doing it on debt,”at 18:11
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
AI infrastructure & data centers
A Democratic midterm sweep could hit data center buildout and tech stocks; China wins if US projects stall.
The midterm risk is mainly political. A blue wave with Democrats negative on AI and data center build-out, with state moratoriums like the one in New York, would be a real threat and negative for tech. For every US data center that isn't built, China wins. Investors will separate political talk from reality and can shift projects to other states, but the concern going into the midterms is real.
“if you have some sort of blue wave democrats negative on AI, negative on data center build out... That's a real threat because the reality is that for every data center that doesn't get built in The US, China wins.”at 18:57
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
Meta PlatformsBullish
Meta's post-earnings selloff despite strong numbers looks like a buying opportunity.
Meta's numbers were unbelievable, yet the stock sold off at a time of market nervousness. Ives views the Meta and SpaceX reactions as a buying opportunity in the coming weeks and months. He expects Meta's stock to rise after its next report, so he sees the sell-off as sentiment-driven rather than a fundamental problem.
“I think that this will be viewed, the Meta and SpaceX reactions, in the coming weeks and months as more of a buying opportunity relative to how the market reacted. I think if Meta reports earnings next week, stocks up.”at 20:22
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
Meta PlatformsBullish
Meta's heavy capex is now justified because Muse monetization is starting to show; investors will accept it.
Ives says Meta's spending in recent quarters was excessive with no visible results, but results are now arriving. He expects a strong advertising-growth quarter from the Muse-driven gains. He thinks investors will tolerate even a capex increase because Muse monetization of the 3.5 billion-user installed base is starting. He also argues that parts of the story could add $100-150 per share over time. He compares this to Microsoft and the other hyperscalers, where monetization has to be shown to justify spending.
“the whole issue is they're just spending money like nineteen eighties rock stars. You're not seeing the actual results. Now you are.”at 4:40
TeslaBullish
Tesla's Europe demand is bouncing back as Musk steps back from political theater.
Ives says Europe had strong anti-Musk and anti-Tesla sentiment, but sales have now bounced back. He ties this to Musk getting out of political theater. He thinks the consumer buy-in is starting to show, though he calls the situation a balancing act while Musk runs SpaceX and Tesla from a position of strength.
“Europe, huge, huge, obviously, anti Musk, anti Tesla, but now you've seen a bounce back. The reason that is is ultimately because, politically, he started to get out of that sort of political theater”at 13:52
Shows
- CNBC Closing Bell · 2 episodes
- CNBC Power Lunch · 1 episode
- Bloomberg Surveillance · 1 episode
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