“We believe tech stocks will be up 25% in 2024 with a Nasdaq 20k level our bull case scenario, as the Street is still significantly underestimating how quickly this AI monetization cycle is playing out among enterprises in the field.”

The Nasdaq Composite rose about 29% in 2024 (closing at 19,310.79) and the Nasdaq-100 returned about 25%, with the Nasdaq-100 eclipsing the 20,000 level for the first time in December 2024 — matching both the base and bull cases.