ASX artificial intelligence (AI) stocks can be a little fickle. That's to be expected with any ASX company that offers an exciting and potentially lucrative future but is still in the infancy of its potential.

But when it comes to Nuix Ltd (ASX: NXL) shares, investors have already seemed to make up their minds about the company's future.

The Nuix share price has been on an absolute tear in recent months. Since the start of 2024, the data privacy solutions company has exploded in value. It has risen from just under $2 a share in January to the $6.01 we currently see. That's a gain worth around 210%.

It gets better, though. Over the past 12 months, this ASX AI stock has exploded by over 332%, given that the company was at just $1.38 a share this time last year. Coincidentally, Nuix just today hit a new 52-week high of $6.08. So, good times all around with Nuix stock.

Can this ASX AI stock climb even higher?

That's not too surprising to see, given how impressive Nuix's full-year earnings were last month.

As we covered at the time, these earnings saw Nuix report a 20.9% rise in revenues to $220.6 million. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) shot up 38.7% to $64.4 million. That in turn helped statutory net profits spike by more than 100% to $5 million.

This ASX AI stock is up more than 70% since these earnings were dropped on 19 August alone.

But one expert reckons the good times are only just getting started with Nuix shares.

ASX fund manager and Nuix investor Tamin Asset Management has just released a profile on Nuix shares. And it paints an optimistic picture.

Tamin believes the key to Nuix's future success is its flagship Nuix Neo platform. Tamin writes that the Neo platform could "drive revenue growth by 2 to 3 times over the next 5 to 10 years, coupled with expanding profit margins".

As such, this ASX AI stock is "on track" to become a 'Rule of 40+' software company, according to Tamin. This indicates a continuing high rate of both growth and profitability.

Tamin concludes by arguing that "global peers in this category typically trade at 7-10x sales, and we believe Nuix's valuation could reach $10.00+ per share in the next 2-3 years".

If Nuix does indeed manage to climb to a $10 share price, it would see investors enjoy another 66.67% in gains from the current $6 price tag. Let's see if Tamin is on the money here.