Some even expect the Fed to cut interest rates early next year. Among 43 analysts following this stock in June, it has a consensus rating of strong buy. The July CPI report showed inflation continues to cool down, and that should allow the Fed to pause its interest rate hikes for good at the upcoming September FOMC meeting. As a resident giant of the tech industry, Alphabet (Nasdaq: GOOGL) includes the entire plethora of Google services. That strength in AI should help boost technology stocks, as should a less hawkish Fed. "Rome was not built in a day, and neither will the AI ecosystem but let's be clear this build out is unlike anything we have seen since the Internet in 1995 and the ramifications are just starting to ripple through the consumer/enterprise landscape," Ives said.
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