Recently, I’ve been looking at some technology stocks that the market has seriously undervalued, and I found two pretty interesting opportunities—both are below 20 and are directly tied to AI and energy growth.

First, let’s talk about IREN. The company’s stock price is only a bit over 7 right now, but I think the market has completely failed to give it the valuation it deserves. IREN operates data centers powered entirely by renewable energy, which is crucial in today’s AI compute race. The situation right now is that all major AI model companies are desperately searching for computing resources powered by clean energy, and IREN’s combination of hydropower, wind power, and solar power is perfectly positioned right at this opportunity.

Most importantly, the growth data is strong. Last year, IREN’s revenue grew by 150%, and in the first half of this year it’s still growing at a 125% pace. Bitcoin mining currently contributes the bulk of revenue, but the company’s management is very clear that AI data centers are the future, and this shift is already underway. Analysts raised their FY25 earnings-per-share forecast for the company from $0.06 directly to $0.38—an increase of 533%—and such a magnitude of upward revision is uncommon.

The financials are also solid. It has $456 million in cash on hand, total assets of $1.85 billion, and debt of only $566 million. Since its IPO in 2021, the stock price has fallen 73%, and it’s down 56% from the peak in December last year. In this kind of “discarded” situation, among the 12 brokerages that track it, 11 have issued strong buy ratings.

Another one worth watching is Opera. This Norwegian company’s current positioning is quite interesting: it has shifted from a traditional browser maker to an AI-driven content discovery platform. Their idea is that Google search is becoming outdated, and users need smarter, more personalized content recommendations. The Opera browser includes an AI assistant called Aria, which can help users shop and search, along with privacy protection tools. They also created a gaming browser, Opera GX, optimized specifically for gamers.

On the numbers side, Opera had 296 million monthly active users at the end of last year. Average revenue per user increased by 37% year over year. Full-year revenue was $480.7 million, up 21% year over year. Growth in search advertising revenue accelerated to 17%, which suggests that their content discovery model is truly gaining user recognition. As a result, analysts raised their FY25 and FY26 profit forecasts by 32% and 27%, respectively.

Opera’s stock price is down 37% from its summer 2023 high, and its current valuation is at a 44% discount to the tech sector average. Most interestingly, it also pays dividends, with a yield of about 4.4%, which is roughly comparable to the US 10-year Treasury. This combination—growth plus dividends plus a reasonable valuation—is indeed rare among AI stocks under $20 .

These two cases actually reflect a bigger trend: the market is re-pricing companies related to AI infrastructure. On the energy side for IREN and on the content intelligence side for Opera, both are capturing this wave. Of course, stocks like these have high volatility and require psychological preparedness, but if you believe in the long-term development of AI, these beaten-down AI stocks under $20 might be worth looking into.