Two Undervalued AI Stocks Wall Street Thinks Could Soar Over 100% in Coming Years

The artificial intelligence boom continues to reshape investment opportunities, with Wall Street analysts identifying several undervalued AI stocks positioned for substantial gains. Among the most compelling are CoreWeave and Atlassian, two companies that analysts believe the market has overlooked despite their leadership in critical AI infrastructure and software domains.

AI has moved beyond hype to become a genuine economic driver. According to Grand View Research, artificial intelligence spending is projected to grow at 31% annually through 2033, representing a fundamental shift in how businesses operate. Barron’s estimates that AI spending accounted for over one-third of U.S. economic growth during recent periods, signaling the massive scale of this opportunity for investors willing to identify the right companies.

CoreWeave: Infrastructure Play With 105% Upside Potential

CoreWeave represents a fascinating case study in undervalued AI stocks. The company operates as a neocloud—or AI-specific cloud infrastructure provider—purpose-built to handle the demanding requirements of artificial intelligence workloads. Unlike traditional cloud providers, CoreWeave’s data centers are engineered specifically for the power density, memory, and cooling needs required by AI training and inference operations.

SemiAnalysis, a respected semiconductor research firm, recently ranked CoreWeave as the most capable AI cloud services provider, scoring it above technology giants like Amazon, Microsoft, and Alphabet. Analyst Dylan Patel noted that “CoreWeave continues to set the benchmark for AI cloud performance by demonstrating strong technical execution and operational maturity.”

Despite this leadership position, CoreWeave stock has declined 53% from its peak, creating what many analysts view as a compelling entry point. The sell-off stems partly from concerns about AI spending sustainability and the company’s considerable debt taken on to finance data center expansion. However, these concerns appear overblown when considering Wall Street’s projections: CoreWeave’s revenue is expected to grow at 94% annually through 2027.

Kevin Dede of H.C. Wainwright projects CoreWeave could reach $180 per share, implying 105% upside from recent levels. While that dramatic gain may not materialize in a single year, the median analyst target of $120 still suggests meaningful upside potential. At current valuations of 8.4 times sales, CoreWeave appears cheap for a company with such impressive revenue growth prospects—provided it eventually reaches sustained profitability.

Atlassian: Software Leverage on AI Adoption

Atlassian represents a different category within undervalued AI stocks, offering investors software exposure to artificial intelligence adoption. The company develops work management, collaboration, and IT service management software serving both technical teams (DevOps) and broader enterprise audiences.

What distinguishes Atlassian is its contrarian business approach: by relying on self-service sales and organic word-of-mouth marketing rather than traditional sales forces, the company invests substantially more in research and development than competitors. This strategic choice has positioned Atlassian as a recognized leader in DevOps and collaborative work management tools, according to Gartner.

The company’s AI integration is accelerating. Atlassian introduced its Rovo AI assistant platform, which initially offered intelligent search and process automation before adding code generation capabilities for developers. Morgan Stanley analysts view Atlassian as one of the software companies best positioned to monetize the growing demand for AI agents.

The market has penalized Atlassian stock, which has fallen 57% from its highs, amid concerns that AI-powered coding tools might cannibalize demand for DevOps platforms. Morgan Stanley’s research suggests this worry has it backwards: productivity gains from AI will likely expand the developer population, increasing rather than decreasing demand for DevOps infrastructure.

Keith Weiss of Morgan Stanley projects Atlassian could reach $320 per share, implying 130% upside potential. Wall Street expects Atlassian’s adjusted earnings to grow 22% annually through fiscal 2027. At 35 times earnings, the valuation appears reasonable considering the company has beaten consensus estimates by an average of 16% over the last six quarters, per LSEG data.

Why These Undervalued AI Stocks Merit Attention Now

The combination of factors makes this an intriguing moment for investors examining undervalued AI stocks. Both CoreWeave and Atlassian operate in massive and expanding markets, possess competitive advantages recognized by serious research firms and Wall Street analysts, and trade at valuations that don’t fully reflect their growth trajectories.

CoreWeave’s infrastructure plays a foundational role in AI deployment—every company racing to harness artificial intelligence needs compute. Atlassian’s software sits atop the workflows of millions of developers and teams, positioning it to capture value as AI transforms how work gets done.

Neither stock is guaranteed to deliver the theoretical upside analysts project. CoreWeave faces execution risks around profitability and debt levels, while Atlassian’s market faces competition from both traditional software firms and AI-native startups. However, for investors building exposure to the artificial intelligence opportunity through undervalued AI stocks, both companies offer compelling risk-reward profiles at current levels.