\n
![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/07\/GettyImages-2155386328-e1720195643412.jpg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
A surprisingly resilient economy and profit-filled AI boom<\/a> are driving the United States\u2019 big tech giants toward a milestone that would have seemed impossible just a few decades ago. Nvidia<\/a>, Microsoft<\/a>, Apple<\/a> have all surpassed the $3 trillion market capitalization mark, and Google<\/a> and Amazon<\/a> are following close behind in the $2 trillion range.\u00a0<\/p>\n Combined, these five tech giants alone are now worth more than $14.5 trillion and make up roughly 32% of the S&P 500. For reference, in 2002, after the dot-com bubble burst, the total market capitalization of every U.S. stock was $11.1 trillion, according to Siblis Research data<\/a>. Big tech\u2019s performance has been particularly impressive this year, with Nvidia, for example, surging from a $2 trillion market cap to a $3 trillion market cap in under 100 days.<\/p>\n That begs the question: which tech giant will hit the next big milestone, $4 trillion in market cap, first? Some bears argue that big tech companies\u2019 record run of performance can\u2019t continue forever, given their elevated valuations and the slowing economy, while the bulls believe this is just the beginning of a streak of AI-induced wins for big tech.<\/p>\n \u201cI think, a year from now, we [will] have three $4 trillion market cap companies: Nvidia, Apple, Microsoft,\u201d Wedbush tech analyst Dan Ives told Fortune<\/em>.<\/p>\n He argued that many of his peers on Wall Street continue to underestimate the AI revolution and the health of the U.S. economy. \u201cUnless you have a telescope, you can\u2019t find a recession. And the Fed? Their next move is a cut not a hike. So, to me, all signs are bullish,\u201d he said. \u201cIt\u2019s 9 pm, and the party goes to 4 am\u2026the haters will hate, continuing to say that this is a bubble.\u201d<\/p>\n\n