2 Stocks That Could Be Worth More Than Apple by 2028

Why It Matters

The potential re‑ranking underscores how AI‑centric semiconductor demand is reshaping the tech hierarchy, offering investors exposure to the next wave of value creation beyond consumer devices.

Key Takeaways

• Broadcom’s AI chip revenue forecast exceeds $100 billion through 2027
• Broadcom EPS growth projected at 41% annualized, outpacing Apple
• TSMC holds 72% of global foundry market, fueling AI demand
• TSMC earnings expected to rise 27% annually, supporting valuation surge
• Geopolitical risk in Taiwan remains primary downside for semiconductor stocks

Pulse Analysis

Artificial intelligence is rapidly redefining where economic value is generated in technology. While Apple remains the most valuable public company, its growth is now constrained by the maturity of consumer hardware markets. In contrast, semiconductor firms that supply the compute engines for AI workloads are experiencing double‑digit revenue expansions, positioning them as the new growth engines. This shift is prompting analysts to compare the market caps of chipmakers directly with Apple’s, highlighting a potential reallocation of capital toward the underlying hardware layer.

Broadcom’s recent performance illustrates the upside of specialized AI accelerators. The company reported a 28% year‑over‑year revenue rise and a 74% surge in AI chip sales, driven by custom solutions that complement Nvidia’s GPUs. With earnings per share projected to grow at an annualized 41%, Broadcom could see its valuation double if the market maintains current price‑to‑earnings multiples. However, its reliance on a tight group of six AI customers introduces concentration risk, and any slowdown in AI spending could temper the upside.

TSMC’s dominance of the foundry market—controlling roughly 72% of global capacity—makes it the linchpin of the AI supply chain. The firm posted 40% quarterly revenue growth and expects AI‑related demand to expand over 50% annually through 2029. Even at a modest 25‑times earnings multiple, sustained EPS growth of 27% could push its market cap beyond $4 trillion by 2028. Yet investors must weigh geopolitical tensions in the Taiwan Strait and macroeconomic headwinds, which could abruptly disrupt production. For long‑term, risk‑adjusted investors, Broadcom and TSMC present compelling exposure to the AI‑driven semiconductor boom.