Dan Ives, the global head of technology research at Wedbush Securities, is predicting that two big-named tech stocks will hit astronomical market caps.
In a new CNBC Television interview, the investor says Microsoft (MSFT) and Nvidia (NVDA) will likely each hit $5 trillion market caps by the end of next year as artificial intelligence (AI) advances.
[adinserter block="1"]“We’re seeing the use cases when it comes to AI exploding and that’s bullish for software and the hyperscalers led by, of course, Redmond and [CEO Satya] Nadella in terms of everything that Microsoft [is doing] – not just $4 trillion, we think that could be a $5 trillion market cap along with Nvidia in the next 18 months.”
Microsoft has a market cap of $3.8 trillion and is trading for $511 per share at time of writing. Meanwhile, Nvidia is trading for $173 per share at time of writing and has a market cap of $4.2 trillion.
Ives also believes that several software companies may have explosive breakouts in the coming months.
“Software has underperformed. But now it’s not just Palantir, which obviously is our top one in terms of AI revolution. MongoDB, Snowflake, I think IBM is seeing a massive renaissance of growth when it comes to what we’re seeing on AI monetization…
I think software, and even cybersecurity, is what I believe could be a significant outperformer across all of the tech sector in the second half of the year.”
Palantir (PLTR) is trading for $153 per share at time of writing, while MongoDB (MDB) is trading for $218 per share.
Meanwhile, Snowflake (SNOW) is trading for $211 per share at time of writing, and International Business Machines Corporation (IBM) is trading for $282 per share.
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