Keep pulling the thread on Ankur Crawford.
Ankur Crawford predicts that earnings estimates for AI-related stocks will likely remain too low for the next 2 to 3 years.
Ankur Crawford predicts that corporate capital expenditures (CapEx) will continue to increase in 2027 and 2028.
The current surge in AI-related investment is a long-term secular change, not a short-term cyclical trend.
The United States economy is shifting from being consumer-led to an industrial-based economy driven by AI.
For many AI companies, earnings revisions are on par with or exceeding stock price movements, causing valuation multiples to stay the same or shrink.
NVIDIA's stock has never become expensive because its earnings have moved up and will continue to move up, keeping its valuation multiple flat.
Ankur Crawford believes the market for AI-related stocks is not in a bubble because earnings estimates are still too low.
The ongoing increase in capital expenditures is driven by a fundamental shortage of computing capacity, which requires the entire supply chain to adjust.
The stock market's performance is no longer dictated by consumer trends but by a separate AI investment cycle.
A company's access to electrical power is a direct leading indicator for its revenue and earnings potential in 2027, 2028, and beyond.