diff --git a/sqlglot/parser.py b/sqlglot/parser.py
index f7fc4d529b..9aa2313c15 100644
--- a/sqlglot/parser.py
+++ b/sqlglot/parser.py
@@ -3378,7 +3378,9 @@ def _parse_term(self) -> t.Optional[exp.Expression]:
         return self._parse_tokens(self._parse_factor, self.TERM)
 
     def _parse_factor(self) -> t.Optional[exp.Expression]:
-        return self._parse_tokens(self._parse_exponent, self.FACTOR)
+        if self.EXPONENT:
+            return self._parse_tokens(self._parse_exponent, self.FACTOR)
+        return self._parse_tokens(self._parse_unary, self.FACTOR)
 
     def _parse_exponent(self) -> t.Optional[exp.Expression]:
         return self._parse_tokens(self._parse_unary, self.EXPONENT)