Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news and analysis.

Good afternoon, today is Monday, November 13th, and I'm your host, Kim Kahn. Our top story so far.

Weibush Securities has a new bull market in technology stocks has started, with spending set to accelerate next year. Apple is its top pick in the space. is

its top pick in the space.

analyst Dan Ives says Wall Street is significantly

underestimating the amount of spending in the cloud

and artificial intelligence for next year.

He thinks spending will rise between 20% and 25% compared to

estimates of up modestly, especially as use cases explode in both the enterprise and consumer spaces.

He says, while it's a murky macro and the Fed Shadow slash tenure remains in albatross around tech stocks and multiples, we believe

short covering for the ages for the tech sector into year end is on the horizon

as the fundamental picture for growth tech stocks is rock solid based on our recent checks.

We believe the new tech bull market has now begun and tech stocks are set up for a strong 2024 as the AI spending

title wave hits the shores of the broader tech sector.

Along with Apple, his preferred names are Microsoft, Google, Palo Alto Networks, Palantier Technologies, Z-Scaler, Crowd Strike, and Mongo

DB.

In today's trading, stocks are starting the week lower after the broader market notched

a second straight weekly win. The Nasdak trails the S&P and the Dow,

just two sectors are higher, energy and consumer staples. Infotech is the weakest,

as higher longer yields weigh on growth stocks. The ten year treasury yield is back up to

around 4.7%. Among active stocks, Google Parent Alphabet has exited its position in

Robin Hood markets, the company disclosed no filing. The tech giant has

...