Technology analyst Dan Ives is departing Wedbush after eight years to establish a new merchant banking firm that will combine equity research, strategic advisory, capital raising and investment services, according to a Wednesday interview with CNBC.
The new venture is expected to be formally introduced in the coming weeks and will focus on the technology, energy and financial sectors. Ives said he intends to continue publishing research on technology companies while helping build the firm's broader advisory and investment platform.
The move marks a rare transition for one of Wall Street's best-known technology analysts, whose bullish views on artificial intelligence and major technology companies have made him a prominent figure among investors. Wedbush said its fund management business will continue overseeing the Wedbush AI Revolution ETF (IVES) and Wedbush AI Revolution Plus ETF (IVEP), maintaining continuity for clients.
Ives recently initiated coverage on SpaceX (SPCX) with an Outperform rating and a $190 price target, saying the company has the potential to become a leading hyperscaler. He is also widely followed for his coverage of Apple NASDAQ:AAPL, Tesla NASDAQ:TSLA, Microsoft (MSFT) and Nvidia NASDAQ:NVDA, particularly his optimistic outlook on AI-driven technology companies.