Apple hit a new all-time high on June 30 of $192 per share, enough of a boost for the company to once again breach a $3 trillion market cap. Apple first broke the $3 trillion mark in intra-day trading in January 2022 but was unable to maintain the high valuation.
Now, though, the tech giant has held on to the valuation, asserting itself as the biggest company in the world.
DON'T MISS: Wedbush's Dan Ives Thinks One Company Will Be Worth $4 Trillion by 2025
And though Apple seems like the clear leader among its tech giant peers, Wedbush's Dan Ives thinks there will soon be a second company around to breathe that rarified $3 trillion air: Microsoft.
"We estimate for every $100 of cloud Azure spend with (MSFT) there is an incremental $35-$40 of AI spend that now is on the table which changes the game," Ives tweeted. "We believe on a sum-of-the-parts valuation that Microsoft should join Apple in the exclusive $3 trillion club by early 2024."
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Microsoft -- which has a market cap of $2.52 trillion -- opened July 5 at $335.09 per share. The company's stock is up more than 40% for the year so far, hitting a 52-week-high of $351.47 in mid-June.
Ives, predicting last week that Apple will be worth $4 trillion by 2025, believes that "the new bull market in tech has begun. We see tech stocks up another 15% second half of the year."
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