Battle of the Big-Upside Tech Names: HUBS vs. NBIS vs. TEAM

Key Points

• The tech sector has led growth across the S&P 500 again this year, but those gains have been driven primarily by a handful of major names.
• Still, there is potential for strong appreciation among a number of less-prominent stocks in the tech space.
• HubSpot, Nebius, and Atlassian are all favored by analysts and could see impressive double-digit upside.

The tech sector is once again buoying much of the rest of the market as 2025 draws to a close. The Technology Select Sector SPDR Fund NYSEARCA: XLK, an exchange-traded fund (ETF) with a special focus on tech names and a good overall benchmark for the sector, has returned nearly 25% year-to-date (YTD), outperforming every other one of the popular SPDR sector funds in the process.

Still, performances are dramatically uneven across the tech space, with the Magnificent Seven often responsible for driving overall gains across the sector. Focusing on these ultra-popular names poses concentration risk, though, so cautious investors might look to a broader mix of tech names instead.

Three stocks outside of that select group have significant upside potential: HubSpot Inc. NYSE: HUBS, Nebius Group N.V. NASDAQ: NBIS, and Atlassian Corp. PLC NASDAQ: TEAM. Below, we'll look at them individually and compare their potential to realize those predicted gains.

AI Fears Depress HubSpot Shares, but Fundamentals Seem Strong

HubSpot is a customer relationship management (CRM) software provider enabling clients to manage their sales, marketing, and customer service better. Shares have fallen by 47% or so YTD, down from a multi-year high achieved early in 2025. Some of this recent selloff is likely due to fears among investors that HubSpot is not prepared for the AI revolution, but the company's earnings results may suggest otherwise.

In the latest quarter, revenue grew 18.4% year-over-year (YOY) on a constant currency basis, thanks to the company's Data Hub, an AI-based tool with strong early adoption.

The healthy gains in this area allowed the firm to boost its fourth-quarter and full-year 2025 guidance in multiple categories, and to repurchase some $375 million in shares.

As HubSpot's customer base grows and its margin continues to improve, the recent decline in shares may look increasingly like a fluke that allows for the chance to buy the company at a relatively low valuation.

Net new annual recurring revenue (ARR) is promising, though it may take some additional time to fully activate.

Investors willing to be patient could enjoy more than 65% in possible upside for HUBS shares.

Rapid Expansion for Nebius Means Widening Losses, but Immense Growth Potential

Amsterdam-based AI infrastructure company Nebius has taken a sharply different trajectory, having more than tripled in value YTD. Fueling these gains are its rapid expansion—including a major partnership with Meta Platforms Inc. NASDAQ: META—and the heat of the AI industry. The main issue for Nebius, then, is meeting the incredibly high expectations of both investors and analysts.

Despite net revenue improvement of a whopping 355% YOY, Nebius still came up short of expectations in the latest quarterly earnings report. 

Losses widened for the quarter, which is not unexpected given where the firm is in its growth path, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss increased by 90% for the same reasons. 

Increases in property, equipment, and debt all indicate that Nebius intends to keep expanding its footprint.

Analyst sentiment surrounding NBIS is increasingly solid, with several new Buy ratings and price target increases in the last month. Heading to the end of the year, nine of 11 analysts are bullish on NBIS stock, and the company is expected to see about 50% upside in the near-term as it continues to grow.

Rapid AI Adoption and Cloud Sales Growth Drives Atlassian Optimism

Software development and project management firm Atlassian has faced a slightly more modest selloff than HubSpot this year, dropping by about 37% YTD. Per the latest quarterly results, Atlassian seems to be navigating the transition to AI well, with 21% YOY revenue growth led by 26% improvement to cloud sales in the same timeframe.

A closer look at the company's AI offerings speaks to its particular strength in the space.

An impressive 3.5 million monthly active users for Atlassian AI increased by more than half over the prior quarter.

While ongoing data center-to-cloud migrations may weigh on near-term organic growth due to marketplace take rate dynamics, the long-term outlook appears strong.

Investors willing to take the chance on Atlassian's continued success in the AI world could be rewarded with almost 56% in upside, according to analysts.