Amazon, Alphabet, Meta top tech names at Wedbush on AI growth
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Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) are still the top tech stocks at investment firm Wedbush Securities due to the trio's exposure to artificial intelligence and its impact on the consumer internet. 
In a note to clients, analyst Dan Ives said the use cases for AI have been "exploding" and the next phase of spending on the technology is at hand, with the hyperscalers like Google (GOOG) (GOOGL), Amazon (AMZN) and Microsoft (MSFT) set to benefit from a new wave of enterprise spending. 
There are also signs of improvement on software, semiconductor and digital media spending heading into next year, including cloud service spending, where Amazon Web Services and Google Cloud Platform are two of the top three providers, aside from Microsoft Azure.
Ives added that AWS and Google Cloud Platform have bought AI-capable chips, built AI-capable services and have sold them to their respective customer bases, including Amazon's retail business and Google search, both of which have also adapted AI-enabled services.
"The opportunities are now in the 2nd/3rd/4th derivatives of AI spend which we believe inflects in [the first-half of 2024] and starts to show up in 3Q results across the Street," Ives wrote in the note.
Ultimately, Ives believes that the broader tech sector should see renewed enthusiasm, aided by the trajectory of AI growth over the next 12 to 18 months, leading him to have "unabated bullishness" for tech stocks.

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