The tech industry’s continued growth and rising popularity of electric vehicles (EVs) have made Wall Street analysts extremely optimistic about the upside potential of tech stocks Ideanomics ( IDEX (NYSE:IEX)) and CleanSpark (CLSK). These companies are expanding their operations to capitalize on the industry tailwinds. So please read on for more insight into their prospects.The ongoing digital transformation of most industries and increasing use of advanced technologies are driving the growth of the technology industry. And the industry’s solid growth prospects are attracting great interest in tech stock by investors. Indeed, the tech-heavy Nasdaq Composite hit its all-time high of 14,649.11 on July 5.
Furthermore, the fledgling electric vehicle (EV) industry has been incentivizing tech companies to venture into this space. With major countries announcing their plans to phase out fossil-fuel-powered vehicles over the next couple of decades, multiple capital investments, and favorable policies, companies manufacturing products and services that facilitate EVs should grow significantly.
So, notwithstanding short-term headwinds created by a current semiconductor shortage, Wall Street expects the EV and ancillary industries to grow significantly. Wall Street analysts expect tech stocks Ideanomics, Inc. (IDEX) and CleanSpark, Inc. (CLSK), which have substantial exposure to the EV industry, to rally more than 160% in the coming months.