Call them, have up arrows. Well, we are back right here on the watch list and happy to have with us Dan Ives, global head of tech research, managing director, senior equity analyst at Wedbush Securities. We have so much to discuss. We have a lot of earnings that have come out. And I want to touch on Snowflake and Salesforce. But just the big picture on the AI revolution, you talked about it being needing roughly a tenfold increase in computing power by 2030 and how the AI revolution is, is it in its infancy? How do you describe where we are? Because so many of the upgrades and price target raises have an AI story behind them in your notes?
Nicole, it's third inning. I mean, the reality is in terms of where we're heading. You've just seen the first part of this build out happen. And look, in the US, you only have, what, less than 5% of companies that have gone down the AI path. Asia ex-China, less than 2%. Europe, obviously, you know, really nowhere. And Middle East, India just starting to build out. I mean, look, it's my view. This is $4 trillion of spending over the coming years. For every dollar spent on an Nvidia chip, a $10 multiply across the rest of the tech. That's why the second, third, and fourth derivatives — infrastructure, software, power, energy. And I think we're still early. And that's our view. Nasdaq 30,000. Nasdaq 30,000.
Well, that's what we're looking at. Let's talk about some of the key names here. I mean, you did talk about Snowflake. You have an outperform rating. And also you said the confidence in the AI strategy and the moat that it has helps you to raise your price target here.
The Rodney Dangerfield of software — no respect. I mean, if you look at what Snowflake's done. Look, Nicole. I mean, you've talked for years. Look at Palantir at first. Now Datadog. Inner data. Now Snowflake. What it's showing you is the data layer is now the monetization. It's not just chips. It's gone to the data layer. And I think that's why Snowflake — it's not just important for Snowflake. In my view, the stock continues to go higher. It's what this means now about monetization happening on the software. I think, and I think even on Salesforce.com, we saw that when it came to fourth in terms of what's happened. That is the most important thing from these earnings.
You raised your price target to 280 from 270 and said it had a moat. What's the Snowflake moat there?
I mean, the reality is when you think about data, data warehousing, that data layer like that is the new oil, the new gold, that's the moat. If you look at Palantir, that's what Datadog's moat is. It's ultimately what I believe Oracle's moat will be. And I think it's something where I'll call it the AI goose trap in terms of the worry that Anthropic, OpenAI, you know, they're going to crush every software company. Look, some could get disintermediated. And obviously, you know, and we see some of that playing out. But data infrastructure install base is key.
And Palantir, by the way, which is up about 7% today, largest percentage increase that we've seen since November of 2025. It's at 141. Do you have a price target or think Palantir goes higher as well?
Yeah, we talk about $200 and it's our view Palantir, we think that's a $1 trillion market cap in the coming years. Because look, if you start to get caught up in just these ebbs and flows of quarters, sometimes the narrative, you miss what's happening underneath and the monetization in terms of the use cases is just starting with Palantir.
Let's talk about Salesforce, where you have an outperform there. Tell me a little bit about that story. You talked about the Agentforce and Data Cloud, the growth that these products will really equal organic revenue growth.
Look, I mean, they're kind of — Benioff really the poster child for SaaS apocalypse, right? In terms of the worries that you see with Salesforce. And I think some of that had, you know, was self-inflicted. They were probably late to the game. But it's our view when you look at 150,000 customers, Agentforce is going to be their opportunity. It's over a billion now. And I think that you can look at some of that, that starts to get to 8%, 10% of revenues over the next, you know, call it six months, nine months. I mean, that becomes a huge driver in the story, a big step in the right direction for Salesforce.
And then for IBM, you said it's the quantum strategy that leads you to put a $300 target. Tell me about the IBM story, cybersecurity, quantum computing.
