Technology stocks remain volatile amid rising AI adoption. Contrary to what many people initially thought, AI could significantly disrupt many tech companies, rather than help them improve their offerings. Software stocks took a huge hit this week as tools like automated task schedulers and custom code generators became more powerful by the day. Earnings reports from Microsoft and SAP have further fueled these concerns. The AI trade is becoming increasingly overcrowded, and with Big Tech driving most of the market gains in the past three years, investors are unsure where to go.
According to Bloomberg Intelligence, Big Tech companies are expected to post a 20% earnings growth rate in Q4. This is the slowest rate since early 2023, and it is this factor that forced investors out of major tech stocks at the end of 2025. This trend could continue in 2026, according to analysts at Ned Davis Research:
If revision trends continue to suggest earnings will broaden throughout 2026, it could support the case for the value rotation that began at the end of October to persist in 2026.
At Miller Tabak & Co., Matt Maley echoed similar concerns, saying:
The AI theme is overcrowded, and investors are revaluing the AI trade, so they are re-weighting big-tech stocks in their portfolios.
Despite these concerns, there are several companies that Wall Street remains bullish on. In this article, we decided to compile a list of the 12 tech stocks with the greatest upside potential.
Our methodology
To identify 12 tech stocks with the greatest upside potential, we used the Finviz screener to generate a list of Tech stocks with a market cap of at least $2 billion. We then used the CNN analyst ratings compilation to determine the median upside for each stock as of January 30, 2026. We then ranked the top 12 stocks in ascending order of their upside potential. We have also included the number of hedge funds that hold the stock as of Q3 2025.
Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
12. IonQ, Inc. (NYSE:IONQ)
Potential Upside: 74.77%
Number of Hedge Fund Holders: 30
Despite recent stock volatility, IonQ maintains a market capitalization of $16.12 billion and strong liquidity. The company announced on January 28 that it had completed its acquisition of Skyloom Global, a US-based developer of lightwave-optics technology for secure communications. The transaction was initially disclosed in November 2025. Niccolo de Masi, Chairman and CEO of the company, described the acquisition as a key step toward scalable quantum networking.
The company highlighted the potential impact of this acquisition by saying:
The acquisition strengthens IonQ’s quantum networking roadmap by adding Skyloom’s deep expertise in free-space optical communications, photonic systems engineering, and secure data transmission. These capabilities are expected to accelerate IonQ’s work across quantum networking, quantum key distribution, and future quantum-enabled communications infrastructure.
The Skyloom acquisition follows other strategic moves aimed at strengthening the company’s long-term position in the quantum ecosystem. On January 26, Wedbush Securities described IonQ’s proposed $1.8 billion acquisition of SkyWater Technologies as a “positive step forward”, emphasizing that it could position the company as a potential quantum champion. The acquisition is expected to accelerate production and chip design for its 200K and 2M qubit systems.
Wedbush analyst Antoine Legault stated:
In our view, the most significant competitive advantage for IONQ will be the ability to bring manufacturing and packaging in-house to accelerate its development cycle (IONQ expects cycle times to reduce from 9 to 2 months) while also receiving instant and critical engineering feedback on each iteration of its quantum systems. We note that this acquisition would make IONQ the only vertically integrated trapped-ion player.
Together, the completed Skyloom Global deal and the planned SkyWater acquisition highlight the company’s strategy to expand across both quantum networking and manufacturing, supporting faster development cycles.
IonQ, Inc. (NYSE:IONQ) operates as a developer of quantum computers and networks across the United States. The company sells access to quantum computers of various qubit capacities. It is also involved in quantum detection systems and quantum-safe networking. IonQ was founded in 2015 and is based in College Park, Maryland.
11. Sportradar Group AG (NASDAQ:SRAD)
Potential Upside: 77.79%
Number of Hedge Fund Holders: 31
Samuel Nielsen of JPMorgan lowered the firm’s price target on Sportradar Group AG (NASDAQ:SRAD) from $35 to $30 while reaffirming a Buy rating on January 23. The revised price target offers a further 64.84% upside from the current levels. The price target adjustment was made as part of the firm’s fourth-quarter earnings preview, during which it revised price targets across the broader gaming sector.
In a research note to investors, the analyst said gaming stocks are currently weighed down by considerable negativity, suggesting that investors should take a more selective approach within the space. Against this challenging environment, JPMorgan highlighted the digital segment as offering the most attractive investment opportunity. The firm believes this area has the greatest potential to deliver earnings growth.
Further supporting the positive analyst outlook, Stifel Nicolaus initiated coverage of Sportradar with a Buy rating and assigned a price target of $28 on January 22. The firm described the stock as a compelling picks-and-shovels beneficiary of online sports betting growth, citing its recurring, predictable revenue base, low hold and tax risk, near-zero churn, and a wide moat supported by its scale and broad product portfolio.
Sportradar Group AG (NASDAQ:SRAD) operates as a provider of sports data services for the sports betting and media industries across the United States, Switzerland, Africa, the Middle East, North America, Latin America, the Asia Pacific, the Caribbean, and Europe. The company was founded in 2001 and is based in Sankt Gallen, Switzerland.
10. D-Wave Quantum Inc. (NYSE:QBTS)
Potential Upside: 79.37%
Number of Hedge Fund Holders: 28
Following a series of new agreements announced by the company, Wedbush raised its price target for D-Wave Quantum Inc. (NYSE:QBTS) from $35 to $40 while maintaining a Buy rating on January 28. Wedbush analyst Dan Ives was optimistic about the company’s announcement of a $10 million, two-year enterprise Quantum Computing as a Service (QCaaS) agreement with a leading Fortune 100 company. The firm views this deal as validation of growing commercial adoption. Wedbush also cited Florida Atlantic University’s plan to install an Advantage2 quantum computer in 2026, expanded hybrid solver capabilities, new defense-related collaborations, and progress on the company’s gate-model roadmap following the QuantumCircuits.
Additionally, on January 28, Roth MKM analyst Sujeeva De Silva also reiterated a Buy rating along with the price target of $40 for the shares. The firm’s price target implies a further 87% upside from current levels, slightly above the Median Wall Street analyst estimate, based on 14 analysts covering the stock.
D-Wave Quantum Inc. (NYSE:QBTS) delivers and develops quantum computing systems, services, and software internationally. It provides Ocean, a suite of open-source tools; Advantage and Advantage 2 quantum computers; Leap quantum cloud service; and secure access and data protection services.
9. Netskope, Inc. (NASDAQ:NTSK)
Potential Upside: 80.36%
Number of Hedge Fund Holders: 44
KeyBanc analyst Eric Heath revised the firm’s price target on Netskope, Inc. (NASDAQ:NTSK) downward to $24 from $28 while reaffirming a Buy rating on January 12. The adjusted price target implies a further 62.62% upside from the current levels. In its assessment of the stock, the firm cited a combination of factors influencing the price target revision, including slightly lower valuation multiples observed among peers, increasing competitive pressure within the cybersecurity sector, and a more cautious outlook for corporate security budgets.
In addition to KeyBanc, RBC Capital also adjusted its price target while maintaining a Buy rating on the stock on January 5. Analyst Matthew Hedberg lowered the firm’s price target for the shares from $27 to $23. The downward-adjusted price target implies a further 55.8% upside from here.
The analyst highlighted that 2026 is expected to be a year in which AI-related tailwinds become increasingly apparent for companies that are well-positioned to adopt enterprise AI solutions. In contrast, companies that are less prepared may continue to face challenges amid the persistent “AI is the death of software” narrative. Matthew Hedberg also added that the enterprise spending appears to be stabilizing and showing improvement in select areas.
Netskope, Inc. (NASDAQ:NTSK) is a cybersecurity company. It provides networking, security, and analytics solutions to the largest enterprises and mid-sized companies globally. The company develops the Netskope One platform, which is a cloud-native platform for accelerating and securing the digital interactions of enterprises. Netskope, Inc. was founded in 2012 and is headquartered in Santa Clara, California.
8. Via Transportation, Inc. (NYSE:VIA)
Potential Upside: 82.29%
Number of Hedge Fund Holders: 34
On January 22, Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Via Transportation, Inc. (NYSE:VIA) from $59 to $40 while maintaining a Buy rating. The price target adjustment came as part of the firm’s broader Q4 earnings preview, during which it revised price targets across the small- and mid-cap software sector.
According to the analyst, sentiment toward software stocks remains cautious heading into 2026, largely due to perceived risks around AI. Despite this, Oppenheimer believes the recent selloff in the company’s shares has been overdone. The firm views Via as a company with strong underlying fundamentals and a compelling long-term growth profile, describing it as a “good fundamentals compounder”. Moreover, the firm also noted that the company is expected to be one of the fastest-growing software companies in terms of revenue in 2026.
In addition to Oppenheimer, Josh Baer of Morgan Stanley also reduced the firm’s price target from $53 to $41 on January 20. However, he upgraded the stock from Hold to Buy. The adjusted price target implies a further 74.47% upside from current levels, consistent with the lowest Wall Street analyst target upside of 82.29%, based on 11 analysts covering the stock.
Via Transportation, Inc. (NYSE:VIA) provides a digital public transportation platform across Germany, the United States, and globally. The company operates and develops TransitTech, which is a public mobility platform. It was founded in 2012 and is based in New York, New York.
7. Atlassian Corporation (NASDAQ:TEAM)
Potential Upside: 87.59%
Number of Hedge Fund Holders: 60
Atlassian Corporation (NASDAQ:TEAM) has recently seen a series of price target reductions from several Wall Street firms. On January 27, UBS analyst Karl Kierstead lowered the firm’s price target for the shares from $185 to $145 while maintaining a Hold rating. The firm’s adjusted price target suggests a further 21.26% upside from the current levels.
Additionally, Koji Ikeda, an analyst at Bank of America, had also adjusted the firm’s price target on the stock downward to $170 from $200 on January 26. However, the analyst reaffirmed a Hold rating on the shares. The firm’s revised price target implies a further 26% upside from the current levels. In a detailed fiscal second-quarter earnings preview, the analyst highlighted that the company has “not been immune to waning investor sentiment in the software category from AI disruption fears.” He explained that the downward adjustment to the price target reflects elevated risks from AI-related concerns and valuation multiple compression across the software sector.
Atlassian Corporation (NASDAQ:TEAM) operates as a provider of collaboration software. The company’s product portfolio consists of Jira, Confluence, Loom, Jira Service Management, and Rovo. It was incorporated in 2002 and is based in Sydney, Australia.
6. Monday.com Ltd. (NASDAQ:MNDY)
Potential Upside: 91.62%
Number of Hedge Fund Holders: 55
Josh Baer, an analyst at Morgan Stanley, lowered the firm’s price target for monday.com Ltd. (NASDAQ:MNDY) from $236 to $200 while maintaining a Buy rating on January 27. The firm’s price target implies a further 74.88% upside from the current levels. Morgan Stanley is adopting a cautious tone heading into the company’s fourth-quarter earnings report, as it expects Monday.com to post a modest revenue beat of approximately 2%. On top of that, fiscal 2026 guidance is expected to come in below Wall Street expectations, calling for around 18.5% year-over-year growth.
Even with this cautious short-term outlook, the firm believes the initial fiscal 2026 revenue outlook in the 18%-19% range could serve as a clearing event for the stock. In a note to investors, the analyst said that the firm anticipates top-of-funnel trends to improve over the course of FY2026, along with continued momentum in multi-product adoption and sustained strength in the upmarket segment.
Barclays analyst Raimo Lenschow also maintained his Buy rating, along with the price target of $194 for the shares on January 23. The firm’s price target offers a further 70.18% upside from the current levels.
monday.com Ltd. (NASDAQ:MNDY) develops software applications across the United States, the Middle East, Europe, the United Kingdom, Africa, and internationally. It offers Work Operating System (Work OS), a cloud-based, visual work OS. The company serves educational or government institutions, distinct business units of an organization, and organizations.
5. Klaviyo, Inc. (NYSE:KVYO)
Potential Upside: 94.52%
Number of Hedge Fund Holders: 48
On January 28, the company announced the launch of a new application designed for OpenAI’s generative AI chatbot, ChatGPT. According to the company, the initial version of the app will enable marketing teams to concentrate on reporting tasks. He also indicated that additional features are planned for future updates, which could include capabilities such as reviewing, creating, or preparing marketing campaigns directly within the app. This functionality is anticipated to enhance workflow efficiency and support the integration of AI-driven tools into the marketing process.
Co-Founder and Co-CEO of Klaviyo, Andrew Bialecki, mentioned in a statement:
When OpenAI introduced apps, it unlocked a new kind of software experience — one where tools can live directly where people already think and work. For marketers, that means they can harness their data wherever their ideas happen. Our new app in ChatGPT is an important step in the direction of bringing decision-making together with data and action.
Truist Financial analyst Terry Tillman reiterated his Buy rating with a price target of $45 for the shares on January 21. The firm’s price target implies a further 101.3% upside from current levels, consistent with the median Wall Street analyst estimate of 94.52%, based on 24 analysts covering the stock.
Klaviyo, Inc. (NYSE: KVYO) is a technology company. The company offers a software-as-a-service platform across the United States, the Middle East, the Asia-Pacific, Europe, Africa, and the Americas. It provides Klaviyo, a cloud-native platform for data storage, messaging infrastructure, campaigns & flows, and a segmentation engine.
4. HubSpot, Inc.(NYSE:HUBS)
Potential Upside: 95.09%
Number of Hedge Fund Holders: 63
On January 28, UBS analyst Taylor McGinnis lowered the firm’s price target for the shares from $600 to $450 while maintaining a Buy rating. The adjusted price target offers a further 60.14% upside from the current levels. Moreover, the stock is trading below the lowest Wall Street analyst price target of $386, implying an additional 37.37% upside, according to 37 analysts covering the stock.
In addition to UBS, Goldman Sachs also reiterated a Buy rating on the stock while decreasing the firm’s price target on January 28. Gabriela Borges, an analyst at Goldman Sachs, reduced the firm’s price target for the shares from $612 to $517. The downward-revised price target suggests a further 83.27% upside from current levels.
In a research note to investors, the analyst highlighted that Software mergers and acquisitions are anticipated to pick up pace in 2026, fueled by compressed valuations. She added that the inherent structural advantages of software companies, such as domain expertise, established brand equity, strong distribution channels, and data moats, will further support this trend.
HubSpot, Inc. (NYSE: HUBS) provides a cloud-based customer relationship management (CRM) platform for businesses in the Asia-Pacific, Europe, and the Americas. The company’s CRM platform consists of Sales Hub, Marketing Hub, Service Hub, and Content Hub. The company serves mid-market business-to-business companies.
3. Navan, Inc. (NASDAQ:NAVN)
Potential Upside: 107.64%
Number of Hedge Fund Holders: N/A
On January 28, Goldman Sachs analyst Gabriela Borges lowered the firm’s price target on Navan Inc. (NASDAQ:NAVN) to $22 from $30 while maintaining a Buy rating. The stock is trading significantly below the lowest Wall Street price target of $20, which implies 73% upside from here, according to 12 analysts covering the stock.
The research note emphasized that software mergers and acquisitions are expected to gain momentum in 2026. A similar sentiment was echoed at Citi, where analyst Steve Enders also maintained a Buy rating with a price target of $26 for the stock on January 16. The firm’s price target offers a further 126.1% upside from the current levels. This upside is consistent with the median Wall Street analyst estimate of 107.64%, based on 12 analysts covering the stock.
The company also released its Navan Business Travel Benchmark for Q4 2025 on January 30. The 13.8% YoY growth in business travel is much higher than the 1.2% growth depicted in TSA travel data, suggesting the business travel market is stronger than many were expecting it to be.
Navan, Inc. (NASDAQ:NAVN) operates an AI-powered software platform to simplify the expense and travel experience. The company’s platform benefits customers, suppliers, and users. It serves human resources, inventory, finance, travel managers, and other markets.
2. Bitdeer Technologies Group (NASDAQ:BTDR)
Potential Upside: 134.56%
Number of Hedge Fund Holders: 26
Stephen Glagola, an analyst at Keefe Bruyette, downgraded Bitdeer Technologies Group (NASDAQ:BTDR) from Buy to Hold on January 26. He also lowered the firm’s price target for the shares from $26.50 to $14, implying a 7.36% downside from the current levels. This reflects a more cautious view on the company’s valuation outlook. The firm explained in a research note to investors that the company’s growing focus on its AI cloud services introduces additional uncertainty about its long-term value-creation potential. The segment’s relatively small scale drives this uncertainty at present, as does the limited visibility into expansion plans across the United States and Europe.
Bitdeer Technologies remains well-positioned to become the leading publicly traded bitcoin miner by the end of 2026, as per the analyst, who also pointed out that mining is inherently a lower EBITDA multiple business, which continues to weigh on the overall investment case.
In contrast to Keefe Bruyette, Needham analyst John Todaro maintained a Buy rating on the stock while reaffirming the firm’s price target of $30 for the shares on January 16. The firm’s price target offers an attractive 130% upside from the current levels. This upside is consistent with the median Wall Street analyst upside estimate of 134.56%, based on 12 analysts covering the stock.
Bitdeer Technologies Group (NASDAQ:BTDR) is a blockchain and high-performance computing (HPC) technology company operating in the United States, Norway, Singapore, and Bhutan. It provides hash rate sharing solutions and one-stop mining-rig hosting solutions. The company also operates mining datacenters to generate hash rate.
1. Strategy Inc (NASDAQ:MSTR)
Potential Upside: 215.74%
Number of Hedge Fund Holders: 43
On January 26, Cantor Fitzgerald initiated coverage of Strategy Inc (NASDAQ:MSTR) with a Buy rating, citing confidence in the company’s long-term strategy. The firm has a price target of $213 for the shares, implying a further 49% upside from the current levels. In a research note to investors, the analysts said that they remain confident about bitcoin’s prospects. They added that ongoing institutional adoption is expected to continue, a trend the firm believes supports MSTR’s long-term vision.
While the company’s core software business represents a relatively small part of the overall investment thesis, Cantor Fitzgerald noted that a potential turnaround in that segment could generate steady cash flow. The firm said that this cash flow could then be used to support further bitcoin accumulation.
Additionally, TD Cowen analyst Lance Vitanza maintained his Buy rating and a price target of $440 on the stock on January 20. The firm’s price target suggests a further 207% upside from the current levels. This upside is consistent with the median Wall Street analyst estimate of 215%, based on 17 analysts covering the stock.
Strategy Inc (NASDAQ:MSTR) is a bitcoin treasury company operating across the United States, the Middle East, Europe, Africa, and globally. It provides investors with different levels of economic exposure to Bitcoin through a variety of securities. The company also offers AI-powered enterprise analytics software, including Strategy Mosaic and Strategy One.
While we acknowledge the potential of MSTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MSTR and that has 100x upside potential, check out our report about the cheapest AI stock.
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