Ever since Apple reached an all-time high valuation of $774 billion early in 2015, many technology industry experts have predicted the stock would be the first ever to reach a $1 trillion market capitalization.

Ann Winblad, entrepreneur-turned-venture-capitalist with over 30 years in the tech industry, is not one of them. She told CNBC's "Squawk Box" on Thursday she thinks the first $1 trillion company will be Google-parent Alphabet.

"But it will be a tight race with Microsoft and Amazon," said the co-founder of Hummer Winblad Venture Partners, which opened its doors in 1989 with a mission to fund early-stage enterprise software companies. "I don't get paid for recommending stocks."

In a point-by-point takedown, Winblad's overall analysis basically argues that innovation at Apple is not keeping up.

"Even Microsoft is making headway with their hardware Surface against the [MacBook Pro]," she said, adding that Apple's virtual personal assistant Siri is falling behind Amazon's Alexa in the artificial intelligence space.

"The 'connected everything,' look what's happening at CES, Amazon is not even there, and they're capturing all the headlines," she said. It's worth noting that Apple is not at this year's Consumer Electronics Show in Las Vegas, either.

Apple's highest market value eclipses those of Alphabet, Amazon and Microsoft, according to FactSet Research.