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, but the company should get some company in the exclusive club by early next year, Wedbush Securities analyst Daniel Ives believes.
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 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.”
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.”
MacDailyNews Take: Apple leads. Microsoft follows. As usual.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post Microsoft should join Apple in the exclusive $3 trillion club by early 2024 – analyst appeared first on MacDailyNews.
