Dan Ives just dropped an interesting perspective: we're in 1996, not 1999. Translation? The party's nowhere near over yet.

Here's the thing—Wall Street tends to get lazy about pricing certain narratives. While everyone's obsessed with the obvious winners, there are actually a handful of plays that haven't fully reflected their upside potential.

The core takeaway: if you believe we're genuinely in an early cycle phase rather than late-stage euphoria, the disconnect between current valuations and future fundamentals becomes pretty obvious. Think about it from a market structure angle—when do the least obvious beneficiaries finally catch up? Usually when the momentum already shifted.

So if Ives is right about the timing, the real opportunity might be sitting in those overlooked spots. The ones that'll seem "obvious" in hindsight but feel contrarian right now. That's where the asymmetry typically lives.