Pantera Capital founder and CEO Dan Morehead said cryptocurrency markets may be undervalued compared with artificial intelligence stocks, which he described as overheated after a strong run.

Morehead framed the divergence as one of the largest he has seen between the two sectors, speaking at an event in New York on Tuesday.

“It’s just my intuition that although AI is very important, it’s going to go up big time over the long haul, seems to be pretty fully priced right now,” he said.

By contrast, “crypto…is incredibly cheap,” according to Morehead.

Pantera’s internal data backs that view. Morehead said an index of leading AI companies is “trading at 33% over its log trend of the last four years,” while bitcoin (BTC) has fallen well below…