Wedbush: Apple Poised for $4 Trillion Market Cap

Despite a year-over-year decline in fiscal revenue for Apple in 2023, recent reports suggest that its market capitalization has surpassed the $3 trillion mark. According to Wccftech, analysts at Wedbush maintain an optimistic outlook on Apple’s future. They project that by the end of next year, Apple’s market value could reach $4 trillion.

Upon revisiting this year’s data from Apple’s supply chain, analysts noted the robust sales performance of the iPhone series. Wedbush analysts anticipate that in 2024, global shipments of iPhones could ascend to a staggering 240 million units, with shipments to China alone potentially exceeding 100 million. Moreover, they predict a surge in sales of the iPhone 15 series in the coming weeks, driven by holiday promotions and the arrival of the upgrade cycle for consumers in China and the United States. Additionally, Apple’s foray into the mixed reality headset market with the anticipated Apple Vision Pro in 2024 is cited as a key reason for analysts’ sustained bullishness on Apple’s market valuation.

Beyond hardware sales, Wedbush analysts value Apple’s services division between $1.5 trillion and $1.6 trillion. They highlight the strength of Apple’s services sector and its gross margins, suggesting these have offset recent challenges faced by the iPhone in the Chinese market. The synergy between Apple’s services and hardware product lines is seen as a catalyst for the company’s robust growth potential. However, it is noteworthy that Wedbush analysts’ prediction of Apple’s total valuation is based on its current trajectory. Whether Apple will maintain this momentum in the coming months remains uncertain. Achieving a market value of $4 trillion by 2024 will depend significantly on the performance of Apple’s new products and services.