Despite growing fears of an overheated tech sector, tech analyst Daniel Newman argues that the artificial intelligence (AI) market rally is barely underway, citing undervalued stocks like Micron Technology Inc. (NASDAQ:MU) as evidence that everyday investors haven’t missed the boat.
The AI ‘Parking Lot’
As Wall Street debates whether the meteoric rise of AI-driven tech stocks has peaked, Newman emphatically dismisses the notion that investors are too late. Responding to claims that the industry is already deep into its growth cycle, Newman offered a much more nascent timeline during a recent CNBC appearance.
“I would argue we are actually in the parking lot right now where we’re making a hot dog, we’re having a beer, and getting ready for pre-game,” Newman stated, illustrating how early we are in the adoption curve.
To prove that the broader tech market still holds massive untapped potential beyond the biggest players, Newman highlighted Micron. “Micron’s trading at eight times forward right now based on its estimates,” he noted, emphasizing that “it is not late to get into AI.”
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