2 tech stocks could reach $1 trillion, and Apple isn't one of them, analyst says

  • Amazon and Alphabet's Google have the best chance of hitting the big "T," Michael Graham tells CNBC.
  • Amazon briefly crossed $1,000 per share on Tuesday.

Tech companies Amazon and Google's Alphabet have the best chance of reaching a $1 trillion market cap, equity analyst Michael Graham told CNBC on Wednesday.

The senior equity analyst at Canaccord Genuity spoke a day after Amazon briefly crossed $1,000 per share for the first time ever. Only 14 other U.S. stocks trade above $1,000 per share, according to FactSet.

"I think Amazon probably has the best chance of maintaining a high growth rate for the longest time. It also has the longest way to go. It still has to double," Graham said on "Squawk Box."

Graham has a buy rating on Amazon and expects the price to reach $1,150 over the next few years.

"Google also has a pretty good chance," he added. "It would have to keep its growth rate up for three or four more years."

As of Tuesday's close, Amazon is worth $477.5 billion, while Alphabet is worth about $682.4 billion. The two tech stocks will have to compete with iPhone maker Apple, which has a market cap of nearly $800 billion.

CNBC has reached out to Apple for comment.

Graham, who does not cover Apple, said the growth from the two other stocks will probably be faster over the next few years.

"Investors have to ask what's the next huge business that Amazon might incubate internally," he said.

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—CNBC's Todd Haselton contributed to this report.

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