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Wedge Bush, a well-known analyst: Apple (AAPL.US) could be worth $4 trillion

AInvestFriday, Oct 18, 2024 7:30 pm ET
1min read

Well-known analyst Dan Ives of Wedbush Securities said Apple (AAPL.US), Nvidia (NVDA.US) and Microsoft (MSFT.US) are gradually breaking through the $3 trillion market cap barrier and heading towards $4 trillion. He noted that Apple will be the first US company to reach $4 trillion, followed by Nvidia and Microsoft.

Ives said: "Apple's AI super cycle will start with iPhone 16 and will be launched in the December quarter when more Apple Intelligence will be introduced. We believe 20% of the global population will use AI through Apple devices. Apple will have a historic year in the next 3-6 months with iPhone shipments exceeding 240 million units."

Earlier, Ives noted that Apple may collaborate with China's Baidu (BIDU.US) in the AI field, similar to its cooperation with OpenAI in the US, which could further drive iPhone upgrades in Asia.

He added: "What we are seeing now is actually that this big event will happen in 2025. It can be said that it will be a multi-year super cycle. There are 300 million iPhones that have not been upgraded for more than four years, facing unprecedented upgrade demand opportunities. Therefore, I believe the first company to reach a $4 trillion market cap will be Apple under Cook's leadership, followed by Nvidia under the AI master Huang Renxin, and then Microsoft, which is expected to happen in mid-2025."

Apple closed Friday at $235, up 1.23%, and once approached its all-time high of $236.18 during the session.

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