Dan Ives, Wedbush head of technology research, joins 'Closing Bell' to discuss what to expect from tech CEOs at the White House, the AI names that will be the biggest winners this year and much more.

Washington

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

As the global competition in artificial intelligence accelerates, major technology companies are prioritizing closer relationships with Donald Trump. Industry analysts suggest that these ties are crucial for navigating new rules, tariffs, and the evolving landscape of AI. Companies such as Microsoft, Alphabet, Palantir, and MongoDB are identified as leading players in the AI sector, with their software use cases driving significant growth.

Despite some companies like Salesforce being perceived as lagging in the AI space, analysts remain optimistic about their long-term prospects due to their large customer bases and ongoing investments in AI. The broader software industry is expected to continue benefiting from the AI transformation, with only a small portion facing disruption.

AI arms race means tech CEOs need to be close with Trump

And joining me now, Dan Ives, Wedbush's global head of technology research. It's nice to have you as well. Anything at stake tonight? Look, I think this is Big Tech just further embracing Trump. And I think when they met this AI arms race, you need to be closer to Trump. Something obviously Cook found out. Now you see those relationships is back in good standing. And I think it's new rules of the game, whether it's a pay for play like AMD or Nvidia. But this is the time to embrace Trump, especially given what we see with AI going global, especially when it comes to tariffs and others, you need to be on the right side of that. Yeah. I mean, you have a list today, a roadmap, if you will, into the end of the year for the names related to AI that you think are going to be the biggest winners. When you talk about software, and I'm not talking about super large cap names yet, like a Microsoft, for example, which I know you like, and it's one of your top ideas along with Alphabet, Palantir and MongoDB. You know, it's interesting, Dan, I spent some time today on Halftime talking about the software haves and the software have nots. MongoDB, we saw in their earnings report recently and the stock rise after was dramatic. And everybody knows what's happened with Palantir. But what continues the story from here into year end, despite what's already been a great move? Yeah. Use cases, use cases, use cases. Because the AI use cases, that's why Palantir is the gold standard. That's why you see MongoDB, you look at Snowflake, because it goes back to, yeah, it's a have and a have not. And I think the consumption models, they're going to continue to gain more and more traction. The street continues to underestimate, I think, this software trade. Look what you saw with Benioff being on the wrong side of it. I do believe that, you know, they'll get back to, you know, their sea legs in terms of what we've seen. It will be Salesforce and others on the wrong side of it. The right side is Palantir and Mongo. You know, since you mentioned Salesforce, what jumped out to me is as brightly as your jacket is you still have an outperform on CRM and you have a price target of $425. Now, I want you to look at me with a straight face and speak to my viewers and tell them why in the world Dan Ives has an outperform and a $425 price target on a stock which you just described as being on the outside looking in. Look, they're in the out today, but the reason it's not just $425, it's a top pick, it's on my AI 30, because I believe it's about the install base. I mean, Benioff, look, have they been late to the game yet? Have execution been bumpy? And I think they've underestimated the biggest transformation to tech that we've seen in the last 40 years. But when it comes to what they're rolling out in terms of their software suite, when it comes to AI, when it comes to agents, when it comes to what I believe is probably one of the best install base in the world, it's very similar to our bullish view on Oracle. That was bumpy. Look where they are now. And that's why Salesforce is not just bullish. It's on our Ives AI 30. I believe they will be a benefit, especially as Benioff now turns us around. Well, first of all, they're spending a lot of money, obviously, and you don't see in any way their SaaS model being wholly disrupted by AI in and of itself. Some SaaS seems to be under serious question. Others does not. Yeah, look, I think 10% to 15% of it is under what I'll call disruption. But Scott, my view is that this is when I think about the transformational opportunity, I mean, this is essentially creating the next growth frontier for Salesforce in terms of just really an AI platform across the, you know, what I read is across the best install base on a software.

A powerful aftershock struck eastern Afghanistan late on Thursday night. More than 2,200 people have already died the quake. Rescue crews are still searching remote villages, but rescue efforts are hampered by rough terrain and aftershocks. The World Food Programme says food stocks are running low and could be exhausted within weeks.

Kabul

Afghanistan quake death toll passes 2200 as food supplies run low

What happens in Ukraine once the war with Russia is over? France tells President Volodymyr Zelenskyy that 26 nations are now ready to offer security guarantees, including the possible deployment of foreign troops as part of a post-war peace arrangement.

Paris

Ukraine Invasion

Ukraine's European allies agree security guarantees

CEOs from some of the nation's biggest tech companies sat down for a dinner with President Trump on Thursday. Among those present were Tim Cook, Sam Altman, Bill Gates and Mark Zuckerberg.

Trump hosts Mark Zuckerberg, Bill Gates and other tech CEOs

U.S. President Donald Trump had a call with Ukrainian President Volodymyr Zelenskyy and other European leaders Thursday about Russia's war in Ukraine. CBS News White House reporter Olivia Rinaldi has more.

Trump speaks with Zelenskyy, pushes Europe to stop buying Russian oil

"With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani," the fashion house said in a statement on Thursday.

Milan

'King' of Italian fashion Giorgio Armani dies at 91

A federal judge on Wednesday ruled that U.S. President Donald Trump's administration unlawfully terminated about $2.2 billion in grants awarded to Harvard University and can no longer cut off research funding to the prestigious Ivy League school.

Cambridge

Trump admin unlawfully cut Harvard's funding, U.S. judge rules

Russian President Vladimir Putin has delivered a statement after meeting leaders on the sidelines of the military event in Beijing. He spoke about Russian security interests, and the Ukraine war.

Moscow

Putin wraps China visit with gas deal, calls for Ukraine peace talks

Hope is fading of finding survivors in the rubble of homes devastated by a powerful earthquake in eastern Afghanistan over the weekend that killed more than 1,400 people, as emergency services struggle to reach remote villages.

Kunar

Hope fades for finding survivors after Afghan quake kills over 1400

Portuguese authorities say at least 15 people died after a streetcar derailed and crashed in the capital of Lisbon. CBS News senior foreign correspondent Imtiaz Tyab has the latest.

Lisbon

Iconic streetcar in Portugal's Lisbon derails, 15 killed

Democratic Rep. Ro Khanna, along with Republican Reps. Thomas Massie and Marjorie Taylor Greene, held a news conference on Wednesday with survivors of Jeffrey Epstein and Ghislaine Maxwell's sexual abuse. CBS News' Caitlin Huey-Burns has more details.

Epstein survivors add voices to calls for transparency

Israel's central intelligence agency, Shin Bet, said that it thwarted an assassination plot by Hamas against the country's right-wing minister of national security, Itamar Ben-Gvir, Reuters reports.

Tel Aviv-Yafo

Israel reportedly thwarted plot to assassinate right-wing minister

In California on Tuesday, a jury took less than an hour to clear Cardi B of assault allegations made in a $24 million civil lawsuit. A security guard claimed the rap star attacked her in 2018.

Los Angeles

Cardi B wins civil case against security guard

Secretary of State Marco Rubio said on Tuesday that the U.S. military struck a boat apparently carrying drugs from Venezuela. CBS News' Charlie D'Agata has the latest details.

Trump says U.S. struck drug-carrying boat from Venezuela

China's Xi Jinping welcomed Russian President Vladimir Putin and North Korea's Kim Jong Un, along with other world leaders, for a huge military parade showing off new technology.

Beijing

Vladimir Putin, Kim Jong Un attend China's massive military parade

A Republican-led U.S. House of Representatives committee said it released more than 33,000 pages of files on the disgraced financier and convicted sex offender Jeffrey Epstein, as party leadership looked to end a push by a bipartisan pair of lawmakers to force a vote on the matter.

U.S. House committee releases thousands of Epstein files

French Prime Minister Francois Bayrou last week called for parliament to hold an earlier-than-expected vote of confidence in him. Next week’s ballot could lead to the collapse of his centrist government and prompt a period of further instability in the European Union’s second biggest economy.

France’s PM faces crucial confidence vote amid political turmoil

Tens of thousands of reservists began to report for duty on Tuesday for a new Israeli offensive to seize Gaza City, which Prime Minister Benjamin Netanyahu wants to accelerate despite warnings from senior ranks.

Middle East Conflict

Israel calls up reservists as military chief clashes with ministers

The House Oversight Committee on Tuesday released over 33,000 pages of documents related to sex offender Jeffrey Epstein.

33,000 pages of Jeffrey Epstein documents released by House panel

Belgium joins the ranks of Australia, France, Canada and the UK, all who have pledged to recognize a Palestinian state at the UNGA next week in a bid to ramp up pressure on the Israeli government to end the war in Gaza.

Brussels

Belgium to recognize Palestine at the UN General Assembly

A powerful 6.0 magnitude earthquake in eastern Afghanistan killed at least 1,400 people, according to the Afghan Red Crescent Society. Thousands more were  injured.

At least 1,400 killed in powerful Afghanistan earthquake

The death toll from Afghanistan's worst earthquake in years jumped to over 1,100 with thousands more injured, as difficult terrain hindered rescue efforts in isolated villages of the country's mountainous eastern region.

Taliban appeals for aid after quake kills over 1100 in Afghanistan

The leaders of Russia, China and India showcased a renewed commitment to co-operation on the second day of the Shanghai Cooperation Organization summit. Analysts says the friendliness is designed to project an unified alternative to the West.

Tianjin

Russia, China, India tout renewed co-operation

A plane carrying European Commission President Ursula von der Leyen was disrupted by jamming that authorities suspect was the result of Russian interference in Bulgaria.

Plovdiv

Von der Leyen's plane affected by alleged Russian GPS jamming

The world's leading genocide scholars' association has passed a resolution saying that the legal criteria have been met to establish Israel is committing genocide in Gaza, its president said on Monday (September 1).

Jerusalem

Israel committing genocide in Gaza, scholars' association says

Chinese President Xi Jinping and Russian President Vladimir Putin outlined a new global security and economic order at a regional summit on Monday (September 1), as India and Russia continued to express strong ties between their nations.

China's Xi, Russia's Putin share vision for new global order

A devastating 6.0 magnitude earthquake struck eastern Afghanistan late Sunday, killing more than 800 people and injuring hundreds more, officials said. CBS News senior foreign correspondent Holly Williams reports.

Powerful earthquake in Afghanistan kills hundreds, destroys villages

Iran-backed Houthis raided offices of the United Nations’ food, health and children's agencies in Yemen’s capital, detaining several UN employees, officials said. The rebels tightened security across Sanaa following the Israeli killing of their prime minister and several Cabinet members.

Sana'a

Houthis raid UN offices in Yemen, detain 11 employees

A large buildup of U.S. naval forces in and around the Southern Caribbean has officials in Caracas and experts in the United States asking: is the move aimed at combating drug cartels, as the Trump administration has suggested, or is it for something else entirely?

AI arms race means tech CEOs need to be close with Trump

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Rise of AI