Trivariate Research is telling clients that valuation multiples across artificial-intelligence equities are likely to keep contracting, yet the firm still sees a narrow route higher for a handful of companies whose top-line expansion should outpace their shrinking price-to-earnings ratios.
The backdrop is not friendly. Borrowing costs climbed after the Federal Reserve lifted its benchmark rate by a quarter point to a 3.75%–4.00% range on Sept. 16, a move that adds a financing burden to capital-heavy infrastructure builds. At the same time, local resistance is building: Gallup polling cited for May 2026 found roughly 71% of Americans opposed to new data centers in their own communities.
Even so, founder Adam Parker selected Advanced Micro Devices, Marvell Technology and Oracle as names he believes can resist the broader de-rating. CoreWeave also features among the firm's preferred ideas.
Marvell Technology (MRVL)
Marvell shares have roughly tripled so far this year, supported by a steady climb since late August. Parker's case rests on repeated upward revisions to consensus earnings estimates, which he regards as the single most important driver of share performance when monetary policy is tightening.
Trivariate's sales-growth thesis leans heavily on growing enterprise adoption of custom application-specific integrated circuits, or ASICs. The technical picture reinforces the fundamental one: the stock trades well above its key moving averages, suggesting buyers retain control across several timeframes. Wall Street is also constructive, with a Strong Buy consensus and price targets reaching as high as $400, implying potential upside of nearly 60% from current levels.
Oracle (ORCL)
Oracle has been logging modest single-session gains even though it remains about 40% below its June peak. FactSet data puts the enterprise software maker's forward P/E near 16.4x, a discount to the roughly 19.3x multiple on the S&P 500.
Higher rates and possible political friction over data-center expansion are genuine structural obstacles, but Trivariate views the current price as appealing. Parker's argument is that a lower entry valuation limits downside and leaves room for positive earnings revisions to re-rate the shares. Oracle's established enterprise footprint and database migration capabilities provide a durable revenue pipeline that, in his view, can weather multiple contraction better than pricier technology peers.
CoreWeave (CRWV)
CoreWeave rose more than 6% on Monday as AI momentum returned to start the week, though the cloud provider is still down over 26% across the trailing three months. Despite that turbulence, Trivariate flags it as another top pick capable of outrunning valuation drag through sheer revenue momentum over the longer run.
The specialized GPU cloud provider benefits from persistent demand for high-performance compute infrastructure, giving it a fundamental catalyst to absorb broader multiple compression. According to Parker, for a high-growth infrastructure name like CRWV, the earnings narrative and a steady stream of upward estimate revisions remain intact, positioning the stock for potential gains once near-term sentiment settles.
This article is for informational purposes only and does not constitute financial advice.
