“Tech stocks will be up another 25% in 2025 in our base case, driven by the AI Revolution and a reduced regulatory burden: 'The start of this $2 trillion+ of AI spending all began with the Godfather of AI Jensen and Nvidia as they remain the only game in town with their chips the new gold and oil.'”

Tech led the market but fell somewhat short of 25%: the Nasdaq Composite returned 21.2% and the Nasdaq-100 21.0% in 2025, with the technology sector up about 24% and the Magnificent Seven up 24.9%.