Trivariate Research expects valuation multiples across AI stocks to contract further, yet the firm sees a narrow path higher for select names with revenue growth set to outpace shrinking P/E ratios.
Borrowing costs increased after the Fed raised its benchmark interest rate by 25 basis points to a 3.75%–4.00% range on Sept. 16, adding financial drag to capital-intensive infrastructure projects.
Simultaneously, local pushback is mounting, with May 2026 Gallup polling indicating about 71% of Americans oppose new data centers in their communities.
Against this tightening backdrop, founder Adam Parker picked Advanced Micro Devices, Marvell, and Oracle as candidates capable of defying broader valuation compression.
Marvell Technology (MRVL)
Marvell stock has roughly tripled year-to-date – driven by a steady upward trend in its share price since late August.
Parker favors the custom silicon provider due to persistent upward revisions in consensus earnings estimates, which he views as the critical factor for stock performance during periods of monetary tightening.
Trivariate’s sales growth narrative rests mostly on expanding enterprise integration of specialized application-specific integrated circuits (ASICs).
From a technical perspective as well, MRVL shares sit decisively above their key moving averages (MAs), indicating bulls remain firmly in control across multiple timeframes.
Note that Wall Street also currently rates Marvell Technology at Strong Buy, with price targets going as high as $400, indicating potential upside of nearly 60% from here.
Oracle (ORCL)
Oracle stock has been posting modest single-session gains despite trading down about 40% versus its June high.
FactSet data shows the enterprise software firm trades at a forward price-to-earnings (P/E) multiple of roughly 16.4x, which represents a discount compared to 19.3x for the S&P 500.
While higher interest rates and potential political pushback against data center expansion present structural hurdles, Trivariate considers ORCL shares’ current price attractive.
Parker argues that lower entry valuations reduce downside risk, leaving room for positive earnings revisions to re-rate the stock.
ORCL’s existing enterprise footprint and database migration capabilities offer a durable revenue pipeline that can withstand broader multiple contraction better than higher-priced tech peers.
CoreWeave (CRWV)
CoreWeave stock bounced over 6% on Monday as AI momentum returned to start the week, though the cloud provider remains down more than 26% over the trailing three-month period.
Despite recent turbulence, Trivariate highlights it as another “top pick” poised to outrun valuation drag through sheer top-line momentum in the long run.
The specialized GPU cloud provider benefits from ongoing demand for high-performance compute infrastructure, giving it a strong fundamental catalyst to absorb broader multiple compression.
According to Adam Parker, for a high-growth infrastructure play like CRWV shares, the overarching earnings narrative and continuous upward revisions to financial estimates remain firmly intact – positioning them for potential upside as near-term market sentiment stabilizes.
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