According to Wedbush analysts, Apple (AAPL) could be eying up around $1 trillion in gains, meaning stock investors may be missing out on huge gains. The analysts note that Apple has an “unmatched” installed base of more than 2 billion iOS devices and 1.5 billion iPhones, with about 300 million in the window for an upgrade. The services business is worth $2 trillion which is increasing the monetization of the customer base.

“We believe the success of iPhone 16 with a strong holiday season ahead will be the launching pad for a renaissance of growth in Cupertino over the next 12 to 18 months,” the analysts wrote. The firm has strong projections for AAPL, placing an outperform rating on Apple’s stock heading into the holiday season. Wedbush suggests a 12-month price target of $300: about 28% above its current price.

Apple continues to be one of the most dominant companies in the technology sector. While it’s an industry leader in telecommunications, Apple’s recent excursions in artificial intelligence could be huge for the business’s future. Wedbush predicts a multi-year AI journey that will define Apple’s future. The company may also sell north of 240 million iPhone units in fiscal 2025 as the cycle takes hold. Furthermore, more users are interested in the new Apple Intelligence software that comes on future iPhones. If Apple AI intelligence succeeds, the company could see the highest sales of iPhones in Apple’s history, further pumping AAPL stock, said the note.

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Apple stock’s biggest tech competitors are Nvidia, Alphabet, and Microsoft. The company reported revenues of $94.93 billion in the last reported quarter, representing a year-over-year change of +6.1%. EPS of $1.64 for the same period compares with $1.46 a year ago. This beats out Microsoft and Alphabet’s Q3 performance but still sits behind Nvidia. However, Wedbush’s prediction of over $1T in gains could set AAPL apart from NVDA.

In the race for a $4 trillion market cap, Apple and Nvidia are the most likely winners. However, Wedbush’s analysis suggests that Apple could be in the lead, much to the benefit of AAPL stock investors.