Investors can easily struggle with what to make of today's tech market. The Nasdaq Composite index trades close to all-time highs, and it may seem like anything tied to artificial intelligence (AI) or quantum computing sells at elevated valuations.
Fortunately, not all tech stocks trade at huge premiums right now. In fact, some companies that make the list of "cheap tech stocks" may surprise investors. Knowing that, these two stocks in particular are worth a look for bargain hunters.
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Nokia
Seeing Nokia (NOK +2.33%) on any buy list is probably something most investors were not expecting. The one-time cellphone giant saw its stock crater when Apple made its primary source of revenue obsolete after releasing the iPhone in 2007. Attempts to reinvent itself have failed to gain traction with investors since that time.
However, Nokia has gone all-in on AI, and to that end, Nvidia has invested $1 billion in the company in exchange for a 3% stake. Nokia will use that case to advance AI connectivity and prepare for a planned upgrade to 6G technology. With that, Nokia will configure its 5G and 6G software to run on Nvidia chips.
So far, the results of these deals have not yet appeared in the financials. In the first nine months of 2025, the Finland-based tech giant reported a 4% increase in net sales compared to the same period in 2024.
Unfortunately, the cost of sales rose 10% over the same timeframe. As a result, the 116 million euros ($135 million) in net income in the first three quarters of 2025 fell by 75% from year-ago levels.
Nonetheless, analysts predict a 24% increase in profits for 2026, likely reflecting the optimism surrounding its restructuring. With that, the stock is up by 45% over the last year, a notable surge for a stock that has long traded in a range.
NYSE: NOK
Key Data Points
Furthermore, its P/E ratio is at 35 despite the reduced profits for the year. Looking ahead, its forward P/E ratio is at 20, and the forward one-year earnings multiple is at 16. Those numbers indicate it is likely not too late to buy into what looks like an emerging opportunity.
Qualcomm
As with Nokia, the upcoming 6G opportunity may be the catalyst needed to bring investors back into Qualcomm (QCOM 0.54%). Qualcomm has struggled for years amid a heavy dependence on China and the loss of Apple as a client in the 2027 and 2028 timeframe, and what had been relatively tepid growth in the AI smartphone market.
To this end, Qualcomm has pivoted into other products, developing chips for Internet of Things, automotive, PCs, and data centers. This allows Qualcomm to capitalize on the fast-growing demand for such chips, with interest in many AI-related products ahead of guidance.
Additionally, amid strong sales of the iPhone 17, signs have emerged that consumers have finally taken a greater interest in AI-enabled smartphones. Even with the loss of Apple, Samsung and numerous other manufacturers will continue to use Qualcomm chips in their most advanced phones.
Indeed, the improvements have not fully materialized yet. In fiscal 2025 (ended Sept. 28), revenue rose by 14% compared to fiscal 2024. Qualcomm kept operating expense growth in check, taking operating income higher by 23% to $12 billion, though net income dropped 45% to $5.5 billion thanks to a massive income tax expense.
Admittedly, investors may have to exercise patience with Qualcomm. The chip stock is up by 9% over the last year, indicating the growth from the recovery in smartphone sales has not yet hit Qualcomm stock.
NASDAQ: QCOM
Key Data Points
Moreover, the aforementioned income tax expense spiked the P/E ratio to 35. Nonetheless, Qualcomm sells at only 14 times forward earnings. Assuming Qualcomm benefits from a recovery in the smartphone market and growing sales of AI chips in other segments, that could set Qualcomm stock up for a massive, long-awaited rally.
