Joseph Hogue argues that AI stocks can still be cheap if their growth is accelerating faster than their share prices, and he ranks a set of large-cap AI infrastructure names by a growth-adjusted valuation screen. His top emphasis is on Nvidia as the most durable bargain on growth, while Micron screens as the cheapest by adjusted valuation and Lumenum/Credo/Super Micro also look attractive but carry varying degrees of operational or valuation risk.
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Joseph Hogue’s core thesis is that the AI trade is no longer about finding stocks that merely look inexpensive on traditional valuation metrics; instead, investors should look for companies where growth is accelerating fast enough to justify apparently extreme multiples. He opens by noting that AI stocks have become so volatile that they can seem absurdly priced, but insists that a stock can still be a bargain if growth is rising even faster than price. He frames the video as a follow-up to a prior list of 10 AI “best deals,” which he says produced very large gains over the past year, and then presents a new screener-based list of five names that still qualify as attractive on a price-to-sales-to-growth or PEG-style basis. The first company he highlights is Lumenum Holdings, which he describes as an optical products leader. …
Tactically bullish on AI infrastructure and semiconductors, but expect sharp post-earnings volatility and crowded-trade pullbacks. The best short-term setups are names with fresh guide-ups, backlog evidence, or supply constraints.
Over the next few months, the likely path is continued leadership from AI hardware and networking as long as capex and guidance stay strong. The setup weakens if the market starts penalizing even good reports or if growth estimates come down.
Structurally, the video argues that AI remains a capital-intensive buildout where bottlenecks in chips, optics, memory, and servers can sustain long-lived winners. The regime risk is that efficiency gains reduce component intensity and compress the scarcity premium over time.
AI stocks can still be cheap if growth is accelerating faster than price and valuation.
This is the opening thesis and the organizing principle for the entire list.
Last year’s AI picks generated very large gains, including Symbotic and Micron, but the screen now finds different names because valuations have moved up.
He uses prior returns to justify that the screen worked and to explain why this year’s names differ.
Lumenum is expensive on trailing measures, but optical demand for data centers and an order book through 2028 make it a long-run beneficiary.
He combines valuation warning with a durable business-demand argument.
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