  High-power-density tokamaks offer a potential solution to design
cost-effective fusion devices. One way to achieve high power density is to
operate at a high $\beta$ value (the ratio of thermal to magnetic pressure),
i.e., $\beta \sim 1$. However, a $\beta \sim 1$ state may be unstable to
various pressure- and current-driven instabilities or have unfavorable
microstability properties. To explore these possibilities, we generate $\beta
\sim 1$ equilibria and investigate their stability. Initially, we study an
analytical technique that was used in the past to generate $\beta \sim 1$
equilibria and outline its limitations. Hence, we demonstrate the generation of
high-$\beta$ equilibria with the computer code $\texttt{VMEC}$. We then analyze
these equilibria to determine their stability against the infinite-$n$ ideal
ballooning mode. We follow that by engaging in a detailed microstability study,
beginning with assessments of electrostatic ITG and TEM instabilities. We
observe interesting behavior for the high-$\beta$ equilibria -- stabilization
of these modes through two distinct mechanisms. Finally, we perform
electromagnetic gyrokinetic simulations and again observe stabilizing trends in
the equilibria at high $\beta$. These trends are different from their lower
$\beta$ counterparts and offer an alternative, potentially favorable regime of
tokamak operation.
