Many tech stocks soared over the past few years as the cloud, data center, and artificial intelligence (AI) markets expanded. Big bellwethers like Nvidia and Microsoft, which were already megacap companies, became even bigger as those tailwinds kicked in.
But as tariffs, trade wars, geopolitical conflicts, and other macro headwinds cast dark clouds over the markets, investors might become reluctant to buy more tech stocks. However, there are still plenty of underappreciated stocks that are undervalued relative to their long-term potential.
Let's examine three of those stocks -- Five9 (FIVN 2.21%), Dell Technologies (DELL 1.73%), and Innodata (INOD 12.25%) -- and see why they could impress the bulls again this year.

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Five9
Five9 operates a cloud-based contact center. It helps more than 3,000 businesses manage their customer relationships across voice, chat, email, web, social media, and mobile channels with a mix of AI-powered chatbots and human agents. Its customers can integrate those features directly into their own websites and apps with just a few lines of code.
That simplicity makes it a popular option for companies that want to cut costs by automating and outsourcing their customer services, and it already handles more than 14 billion minutes of calls each year. It's also been tethering more companies to its new Genius AI platform.
Five9 is well-positioned to grow for two simple reasons. First, it can disrupt traditional call centers with its cloud-based AI services. Second, it should thrive in both bull and bear markets. Companies will ramp up their use of Five9's services as they expand, but they can also use them to trim their costs during economic downturns.
From 2024 to 2027, analysts expect its revenue to have a compound annual growth rate (CAGR) of 10%. They also expect it to turn profitable in 2025 and have earnings per share (EPS) with a CAGR of 129% over the following two years.
Its business is maturing, but its rising profits -- which are supported by its overseas expansion and the growth of its higher-margin subscriptions -- indicate the business is sustainable, and economies of scale are kicking in. With a market cap of $2 billion, it looks cheap at just 1.7 times this year's sales.
Dell
Dell, one of the top producers of PCs, servers, and data storage products, is often considered a mature tech giant. In its fiscal 2025 (which ended in February), the company generated 51% of its revenue from sales of PCs and PC peripherals, and 46% from its infrastructure group, which sells servers and data storage products.
The company expects its sales of AI-optimized servers to surge at least 53% to $15 billion, or 14% of its projected revenue, in fiscal 2026 as the generative AI market expands. That growth is being supported by its big deployments for customers like xAI and CoreWeave, as well as its partnership with Nvidia, which provides it with a steady supply of GPUs.
Dell expects those soaring shipments to offset its slower sales of legacy PCs, data storage products, and non-AI servers for the foreseeable future. From fiscal 2025 to fiscal 2028, analysts expect its revenue and EPS to have a CAGR of 7% and 17%, respectively.
Those are impressive growth rates for a stock that trades at just 15 times this year's earnings, and it pays a decent forward dividend yield of 1.9%. So if you're looking for a conservative way to profit from the generative AI boom, Dell checks all the right boxes.
Innodata
Innodata went public in 1993, but its slow-growth analytics software business didn't attract much attention over the following 25 years. That all changed in 2018, when it launched its first suite of task-specific microservices for preparing large amounts of data for AI applications.
When a big tech company works on a new AI project, it often spends roughly 80% of its time preparing that data and just 20% of the time training the algorithm. That inefficient approach consumes a lot of time, money, and computing resources, so it makes sense to outsource the data preparation to a third-party company like Innodata. That's why five of the "Magnificent Seven" companies have already hired Innodata to clean up and prepare their data for their AI applications.
Those catalysts lit a raging fire under Innodata's business. In 2024, revenue surged 95% and it turned consistently profitable. From 2024 to 2027, analysts expect its revenue and EPS to show a CAGR of 22% and 13%, respectively.
It might not seem cheap at 57 times this year's earnings, but it could have plenty of room to grow as the AI market expands and it locks in even more cloud and AI customers. With a small market cap of $1.25 billion, it could also be a lucrative takeover target for a bigger tech company.