Dan Ives Calls It 1996, Not 1999 — 3 AI Stocks Wall Street Still Isn't Pricing In

Dan Ives is pushing backmost connected the market's biggest AI anxiety. As tech net footwear off, the Wedbush expert says this isn't a 1999-style excess rhythm — it's mid-1996, erstwhile spending accelerates, doubts linger, and the biggest gains are inactive ahead. His connection is clear: upcoming results should validate a monolithic AI buildout that the Street continues to underestimate successful some standard and duration.

Ives expects a beardown fourth-quarter net play led by Big Tech, backed by tract checks showing robust endeavor AI request astatine Microsoft, Alphabet, and Amazon. More importantly, helium believes investors are inactive underappreciating what comes adjacent — an estimated $3 trillion successful AI spending implicit the adjacent 3 years, with much than $550 cardinal successful capex already successful motion.

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That framing matters due to the fact that AI is moving beyond infrastructure. As deployments mature, the accidental shifts toward platforms that monetize usage, workloads, and execution, not conscionable spot sales.

Snowflake Inc (NYSE:SNOW) is the quintessential AI depletion proxy — customers wage for information processed, not seats. As AI workloads increase, truthful does depletion revenue. “Enterprise depletion signifier is up of america into 2026,” says Ives.

Snowflake presently trades astatine an endeavor worth good beneath semipermanent maturation comps (~EV/NTM Revenue ~10–11x vs peers astatine 15x+), implying the marketplace inactive treats it similar a post-hype laggard. With usage expanding crossed AI projects, Snowflake's exemplary stands to payment disproportionately arsenic enterprises standard AI workloads.

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MongoDB Inc. (NASDAQ:MDB) has emerged arsenic a go-to database for modern AI applications, particularly those needing real-time, flexible information structures for LLMs and analytics. Ives sees the “launch of LLM models crossed the board.”

Wall Street analysts spot 40%+ semipermanent gross growth, driven by expanding ARR and higher connect rates of unreality services. Its Atlas level — a unreality subscription motor — already represents the bulk of gross and is increasing faster than bequest segments, reflecting deepening adoption.

Palantir Technologies Inc (NASDAQ:PLTR) is 1 of the fewer axenic plays turning AI into operational decisions for endeavor and authorities clients. With caller multi-year contracts successful defence and wellness attraction — immoderate exceeding $100 cardinal annually — Palantir's AI-driven level is moving from proof-of-concept to mission-critical.