Dan Ives Says AI Spending Arms Race Is Only 15% Complete
2026-07-24 03:21:42
Wedbush Securities managing director Dan Ives said the AI capex buildout is still in early stages and pushed back against Thursday’s selloff in Tesla and Alphabet shares. Tesla fell 14.5% Thursday, while Alphabet slid nearly 7% after both posted revenue beats but drew investor concern over heavier AI spending, according to BeInCrypto, on CNBC’s “Power Lunch.” Ives called the pullback a timing issue, not a valuation problem, and said investors are in the early innings of an AI arms race.
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