“Apple will be the first company to hit a $4 trillion market cap in 2025, followed by Nvidia and then Microsoft, driven by a consumer AI supercycle across its installed base — 'we think 20% of the world's population will access AI through an Apple device.'”

All three companies did cross $4 trillion during 2025, but the order was the reverse of Ives' call: Nvidia crossed first in July 2025, Microsoft followed later that month, and Apple only joined in late October 2025.