![]() ![]() ![]() "While budgets are under pressure across the board, enterprises have green lighted projects and deployments in 2023 with many budgets now in place. "Large cap tech and sub-sectors such as cloud and cyber security are seeing much more resilient growth than the Street had anticipated," Ives said. Read: Microsoft stock rallies for best week in nearly 8 years (MSFT), which on Friday turned out its best week in nearly eight years during the banking turmoil and growing popularity of OpenAI's ChatGPT artificial-intelligence app, which Microsoft is using in its Bing search engine and Office 365 products. ![]() One stock supporting Ives was Microsoft Corp. "While it sounds like Twilight Zone comment to many investors tech stocks have become the new safety trade with Big Tech names a major beneficiary of this dynamic," said Wedbush analyst Dan Ives in a Friday note. (SIVB) and Silicon Valley Bank, and Signature Bank, the uncertainty in the regional banking sector, and a fairly good earnings season for tech names - has set up a "compelling risk/reward heading into the rest of the year for high quality tech names." While it may be confusing to bearish investors, Wedbush analyst Dan Ives said the dynamics of the past week - the collapse of SVB Financial Corp. The demise of Silicon Valley Bank may pose an existential crisis for many startups this year, but for Big Tech, it's a boon as investors rush to established names, one analyst maintained Friday. Microsoft an immediate winner with shares up 12.4% on the week ![]()
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