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Big Tech, Tesla & Cloud Computing ETFs
In this episode of ETF Spotlight, I speak with Dan Ives, Managing Director at Wedbush Securities, about the outlook for mega-cap technology stocks and cloud computing.
Technology giants had led the market higher for most of 2020. These companies posted better than expected earnings recently as they continue to benefit from the digital transformation accelerated by the pandemic.
Apple (AAPL - Free Report) recorded its most profitable quarter ever. Dan believes the company is best positioned to win from the 5G super cycle theme and could be worth $3 trillion within a year.
Tesla (TSLA - Free Report) is up almost 25% this year, after a gain of over 700% in 2020. Dan recently raised his price target for Tesla to $950, and $1,250 in a bull-case scenario, thanks to rising demand for EVs.
Recent results of Amazon (AMZN - Free Report) , Microsoft (MSFT - Free Report) and Google-parent Alphabet (GOOG - Free Report) benefited from the surge in their cloud-computing businesses. Who will win this cloud war?
The ETF Wedbush ETFMG Global Cloud Technology ETF holds “undercover gems of cloud technology” companies that are expected to drive the next 10 years of an estimated $1 trillion in cloud spending. Nice (NICE - Free Report) , Coupa Software and Cloudflare (NET - Free Report) are among its top holdings.
How is IVES different from other cloud computing ETFs--the First Trust Cloud Computing ETF (SKYY - Free Report) , the Global X Cloud Computing ETF (CLOU - Free Report) and the WisdomTree Cloud Computing ETF (WCLD - Free Report) . Tune into the podcast to learn more.
Make sure to be on the lookout for the next edition of ETF Spotlight and also make sure to subscribe! If you have any comments or questions, please email podcast@zacks.com.
(Disclosure: Neena owns shares of WCLD and CLOU in the ETF Investor portfolio.)
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