According to Dan Ives, the global head of technology research at Wedbush Securities, two major tech stocks are poised to reach extraordinary market caps.
During a recent interview on CNBC Television, Ives predicted that Microsoft (MSFT) and Nvidia (NVDA) could each achieve $5 trillion market caps by the end of next year with the advancement of artificial intelligence (AI).
“The use cases for AI are expanding rapidly, which is positive for software and hyperscalers like Microsoft, led by CEO Satya Nadella. We believe Microsoft could reach a $5 trillion market cap, along with Nvidia, in the next 18 months.”
As of now, Microsoft has a market cap of $3.8 trillion and is trading at $511 per share, while Nvidia is trading at $173 per share with a market cap of $4.2 trillion.
Ives also anticipates significant growth for several software companies in the near future.
“Software has been underperforming, but companies like Palantir, MongoDB, Snowflake, and IBM are showing potential for explosive growth in AI monetization. Software and cybersecurity could outperform the entire tech sector in the second half of the year.”
Currently, Palantir (PLTR) is trading at $153 per share, MongoDB (MDB) at $218 per share, Snowflake (SNOW) at $211 per share, and IBM at $282 per share.
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