Wedbush's Ives: Still less than 10-15% through AI revolution

• The AI revolution is only 10-15% complete, with companies continuing to spend heavily on AI infrastructure for the next few years.
• The data layer is a significant influence for software and AI, and AI buildout is moving beyond solely GPUs, with demand for CPUs accelerating.
• The current AI momentum is viewed as an early stage of a 'fourth industrial revolution,' not a bubble, leading to a future boom in free cash flow across broader tech.

Dan Ives of Wedbush Securities is highly bullish on the AI revolution, comparing the current environment to 1996-1997, not a bubble. He emphasizes that the AI buildout is still in its early stages, with significant spending expected for years, driving demand beyond GPUs to CPUs and benefiting the data layer. He anticipates a boom in free cash flow for tech companies as AI monetization spreads.