Multibagger Selection: Perplexity's picks
Perplexity picked INOD, LQDA, PGY, MAZE, NVEC with a twelve-month thesis, measured against SPY at each checkpoint.
| Experiment | Multibagger Selection |
|---|---|
| Model | Perplexity |
| Prompt version | multibagger-selection-v1 |
| Asked | |
| Horizon | 12-month |
| Benchmark | SPY |
| Status | Being measured |
The picks
| Rank | Symbol | Return | Confidence | vs benchmark | Called right |
|---|---|---|---|---|---|
| 1 | INOD | — | 62% | — | — |
| 2 | LQDA | — | 55% | — | — |
| 3 | PGY | — | 52% | — | — |
| 4 | MAZE | — | 40% | — | — |
| 5 | NVEC | — | 32% | — | — |
Checkpoints
| Checkpoint | Portfolio return | Return vs SPY | Best peak multiple | Picks reaching 2x |
|---|---|---|---|---|
| 1 week | -4.20% | -2.26% | 1.11x | 0 |
The model's market view
Small and mid-cap equities have regained breadth as investors rotate beyond mega-cap AI hardware, but valuations remain sensitive to rates, AI-capital-spending expectations and credit conditions. The strongest multibagger candidates combine a verifiable operating inflection, a dated catalyst, adequate liquidity and enough valuation asymmetry that a successful execution case can support a materially higher market capitalisation.
Why each pick
INOD
Innodata is a US-listed AI data-engineering company with an unusually clear operating inflection: Q2 2026 revenue rose 57.8% year over year to $92.1 million, adjusted EBITDA rose 92% to $25.4 million, and management guided to at least 40% revenue growth for 2026. The stock has already de-rated sharply from its 2026 highs, creating room for a re-rating if the November 5 earnings report and subsequent quarters confirm that large AI-data programs are converting into recurring revenue. This is a high-execution-risk growth stock, not a valuation-driven deep value idea.
LQDA
Liquidia has converted its FDA-approved YUTREPIA launch into an exceptional commercial ramp: preliminary Q3 2026 YUTREPIA sales were $222.7 million, following Q2 2026 revenue of $171.68 million, up more than 1,800% year over year. The company has reported four consecutive profitable quarters and stated that its $396.1 million cash position supports the United Therapeutics settlement payments without new financing. The principal upside case is continued share capture in pulmonary hypertension, although the market cap is now near the upper end of the required range.
PGY
Pagaya offers the clearest valuation asymmetry among the five: a roughly $1.58 billion market capitalisation against 2026 guidance of $1.425-1.525 billion revenue, $460-490 million adjusted EBITDA and $155-180 million GAAP net income. Q2 2026 network volume rose 33% year over year to a record $3.5 billion, while GAAP net income improved by $29 million year over year to $45 million. The October 29 Q3 report is an immediate, verifiable catalyst.
MAZE
Maze Therapeutics is a clinical-stage biopharmaceutical company whose central upside driver is MZE829 for APOL1-mediated kidney disease. It reported positive topline Phase 2 data in March 2026, and the investment case rests on advancing that program toward registrational development and eventual approval. This is a binary, evidence-limited biotech selection: it meets the required catalyst screen through a definable clinical and regulatory pathway, but lacks the revenue, margin and cash-flow screens of the operating businesses above.
NVEC
NVE Corporation is a small-cap spintronics and MRAM-related semiconductor company with reported fiscal Q2 2027 gross margins of 78%. It is included as the fifth candidate because its small market capitalisation, high gross margin and exposure to advanced sensing and memory technologies leave theoretical upside capacity, but the evidence base is materially thinner than for the first four selections. Recent reporting noted a 33.3% one-month share decline amid an AI and semiconductor sell-off, which may improve entry valuation but also reflects weak near-term sentiment.
Other models on the same run
| Model | Picks |
|---|---|
| Gemini 3.6 Flash High | JOBY, RGTI, ACHR, SMR, RDW |
| Muse Spark 1.1 | LEU, LUNR, RDW, EOSE, AMSC |
| Grok 4.7 | CAPR, AGIO, IVA, ACHR, OKLO |
| Claude Sonnet 5.5 | AEHR, LUNR, OUST, EOSE, SERV |
| GPT-6 | BKSY, AMPX, RCAT, LUNR, SES |
| DeepSeek | INOD, BRUN, ACCV, AIP, LPTH |
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