10 Best IT Stocks to Buy According to Analysts

8. Applied Digital Corporation (NASDAQ:APLD)

Number of Hedge Fund Holders: 26

Average Upside Potential as of June 27: 34.87%

Applied Digital Corporation (NASDAQ:APLD) is one of the best IT stocks to buy according to analysts. On June 11, Applied Digital announced an infrastructure partnership with ABB. This long-term collaboration was launched at Applied Digital’s greenfield 400 MW campus in North Dakota and aims to enhance the energy efficiency and power density of AI data centers.

The first orders under this partnership were booked in Q4 2024 and Q1 2025. Central to the partnership is the implementation of a new medium voltage power architecture utilizing ABB’s HiPerGuard Medium Voltage Static Uninterruptible Power Supply/UPS, which is a groundbreaking industry-first technology.

Unlike conventional data centers that use low-voltage power distribution, switching to medium voltage for the UPS system and power distribution allows data centers to scale more efficiently, expanding in 25 MW blocks. This approach also leads to simpler installations with fewer parts and cabling, higher reliability, lower conversion losses, and reduced heat generation.

Applied Digital Corporation (NASDAQ:APLD) designs, develops, and operates digital infrastructure solutions and cloud services for HPC and AI industries in North America.