Dan Ives says buy the dip in five tech stocks after software 'armageddon'

Businessinsider reports that software stocks tumbled this week amid investor panic over the threat of AI disruption, and Wedbush analyst Dan Ives called the sell-off a "garage sale," writing in an industry note published Wednesday that the drop is an opportunity to buy high-priced stocks at a discount.

Ives acknowledged that "AI is a headwind in the near-term for software" and warned the market is "baking in a doomsday scenario," but he recommended buying the dip in five names he sees as AI winners: Microsoft, Palantir, Snowflake, Salesforce, and CrowdStrike.

He set price targets of $575 for Microsoft, $230 for Palantir, $270 for Snowflake, $375 for Salesforce, and $600 for CrowdStrike, and wrote that many customers "won't be willing to put their data at risk to capitalize on AI implementation strategies until there is less risk with these migration projects."