Nasdaq Nears 29,000 as Bubble Enters Final Ascent

The Nasdaq (US Tech 100) has advanced to around 29,000, with analysts warning the AI-driven rally has entered its final ascent phase. Wedbush’s Dan Ives accelerated his 30,000 target from one year on May 11 to six-to-nine months by May 15, citing Cerebras’s $4 billion-plus IPO and Nvidia’s 10:1 demand-to-supply imbalance. While bullish forecasts point to 40,000–60,000 by 2028 supported by ongoing liquidity, observers flag risks of sharp drawdowns and frothy IPO activity ahead.