Investors’ concerns about Big Tech, including their AI expenditure, have been mounting. Yet, several data center stocks continue to boast Buy ratings, offering impressive upside.
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New trading tool for AMZN bullsThis article uses the TipRanks Compare Top Data Center Stocks tool to highlight three names: Applied Digital Corporation (APLD), Applied Materials (AMAT), and Snowflake (SNOW).
Applied Digital Corporation (APLD)
This Texas-based company offers data center hosting and cloud services, including graphics processing units for AI workloads. Applied Digital provides its cloud computing services to clients across North America.
The Strong Buy rating on APLD is based on eight Buys issued by analysts over the past three months. The stock currently offers about 90% upside based on an average price target of $47.86.
Applied Materials (AMAT)
Applied Materials is the world’s biggest chipmaking equipment company. It makes tools used in chipmaking processes, such as deposition, which adds thin layers to silicon wafers, and etching, which removes unwanted materials.
Applied Materials’ shares currently boast a Strong Buy consensus rating and offer about 21% upside. This is based on an average price target of $430.15.
Snowflake (SNOW)
Snowflake is a U.S. cloud-based data platform provider that empowers businesses with a platform to build data-driven applications and share data.
The company uses its technology to unify data across public cloud platforms such as Amazon Web Services (AMZN), Microsoft Azure (MSFT), and Google Cloud Platform (GOOGL). Snowflake is also taking advantage of AI, launching the CortexAI for the financial services sector in February last year.
Snowflake’s shares remain a Strong Buy based on analysts’ consensus rating and offer about 57% upside. This is based on an average price target of $235.
