Speaker · Updated
Adam Parker: latest market views
Trivariate Research
Summary
Adam Parker is the founder and CEO of Trivariate Research, with more than 25 years of experience in equities. He is also a CNBC contributor and a former Morgan Stanley US strategist.
Chorus has 7 views from Adam Parker across 2 episodes on CNBC Closing Bell since October 19, 2026. Their latest calls: bullish on Broadcom, Micron Technology and NVIDIA.
Where they stand
Their latest bullish or bearish call on each company.
- BroadcomBullish ·
- Micron TechnologyBullish ·
- NVIDIABullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
US equities can rise over 5% by year end; he favors cyclicals over expensive defensives.
Parker thinks 7,900 for the S&P 500 may be too low. He says institutional investors talk less about the midterms, that the Fed's peak concern may be past, and that earnings have been strong. Only communication services and tech were down last month, which he takes as a better sign for corporate earnings than defensive rotation. He still expects the tech trade to end higher and says investors should trim expensive defensives and add cyclical offense, with more than 5% upside possible.
“the Christmas gift you're talking about is maybe even not that good... 7,900 might be too low. I could see us having more than a 5% move higher once we get some of the clearing events”at 23:15
Micron TechnologyBullish
Micron should keep printing strong quarters; he's bullish despite a record quarter looking like a peak.
Micron may have just posted the best quarter any manufacturer has had: about $50B revenue at an 86% gross margin. Parker says nobody likes it, yet he doubts the run ends in four to six quarters and thinks the market will give Micron credit for its large cash balance, so he wants to own it at these prices for the next 12 to 24 months. He notes the risk is that earnings fall off later, but for now he expects strong results to continue.
“But I'm not sure why Micron won't print four, five, six quarters in a row like this, and the amount of money they're gonna make is so great.”at 5:01
BroadcomBullish
Broadcom is a buy at these prices for the next two to three years.
Parker sees a multi-year compute and power shortage driving demand for AI chips, and he names Broadcom among the chip stocks he wants to own at these prices. He expects these semiconductor names to outperform the market over 12 to 24 months, with some near-term volatility possible.
“But I wanna own at these prices, Micron, NVIDIA, and Broadcom for next two to three years, that's based on what I know now”at 6:05
AI infrastructure & data centers
Compute and power shortages will persist for several years; hyperscaler capex risk is to the upside.
Parker says he is not broadly concerned: there will be a shortage of compute and power for the next several years. He thinks the risk to hyperscaler capex is to the upside, pointing to Meta's spending, and expects the AI trade to be a long compute and power theme. He admits some companies carry heavy debt, such as Oracle and CoreWeave, but does not think the big companies have run out of borrowing capacity.
“We have a shortage of compute and a shortage of power for the next several years.”at 6:05
NVIDIABullish
Nvidia is a buy at these prices for two to three years, given the compute shortage.
Parker argues the AI buildout is a multi-year cycle, about three and a half years into an eight-to-ten-year run, with a shortage of compute and power expected for several years. He wants to own Nvidia at current prices for two to three years and expects it to outperform the market over 12 to 24 months. He admits it can have a bad three-month stretch but sees chip makers as direct beneficiaries while the shortage lasts.
“But I wanna own at these prices, Micron, NVIDIA, and Broadcom for next two to three years, that's based on what I know now”at 6:05
Tech should outperform and the market should be higher on a six-to-twelve-month view.
Parker argues earnings will grow faster than the market multiple shrinks, because tech is driving much of the growth. He says the market will not get 30% cheaper in a year, so tech should participate in the upside with fits and starts along the way. He expects the market higher on any six-to-twelve-month view.
“So I think tech will participate in the up trade. So, sure, there'll be fits and starts, but I think tech will outperform. I think the market will be up in any kind of six, twelve month view.”at 7:34
AI cost cuts from firing white-collar workers could lift earnings for the rest of the decade.
Parker says companies have not yet shown AI productivity in earnings. He expects that companies will run systems in parallel and cut white-collar workers who add little value, starting in 2027 to 2029. That shift from AI revenue to AI cost savings is the bold case for equities, and he assigns it a meaningful probability, which would support above-trend earnings for the rest of the decade.
“But what about the other side of it, is you start seeing companies run systems in parallel, fire white collar folks who aren't adding value”at 8:29
Shows
- CNBC Closing Bell · 2 episodes
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