Just caught something interesting in the markets that's worth paying attention to. While everyone's focused on the noise, there's a real opportunity brewing in some best technology stocks that got hit hard recently. The fundamentals are actually screaming buy if you know where to look.

Here's what's happening: the two things that actually matter—earnings and interest rates—are both lined up in favor of tech right now. AI spending isn't slowing down. Taiwan Semi just raised its 2026 capex guidance to $52-56 billion, and the hyperscalers are projected to drop roughly $530 billion on capex this year. That's up from $400 billion last year. This isn't a bubble narrative anymore—it's real infrastructure buildout.

Wall Street's also getting excited because earnings growth is spreading everywhere. Tech sector Q1 2026 earnings outlook jumped to 24% from 18% just a couple months ago. And 15 out of 16 sectors are expected to post earnings growth in 2026. The Fed's also likely cutting rates in the back half of the year, which is another tailwind.

So which best technology stocks should you actually be looking at? Let me break down two that caught my attention.

ServiceNow (NOW) is down nearly 50% from its January highs. Yeah, you read that right—50%. The stock's been crushed because people worry AI will cannibalize software companies. But here's the thing: NOW isn't sitting around waiting to get disrupted. They've been integrating AI deeply into their platform for years. Just announced they're expanding their OpenAI partnership to power agentic AI experiences, and they're also deepening their Anthropic integration.

The numbers are solid. NOW posted 21-24% sales growth in 2025, hitting $13.28 billion—basically doubled from 2021. They had 244 deals over $1 million in Q4, up 40% year-over-year. GAAP earnings grew 22% to $1.67 per share, up from $0.23 in 2021. The company's projecting 20% revenue growth in 2026 and 18% in 2027, with adjusted earnings climbing 18% and 20% respectively.

What really matters? CEO Bill McDermott just bought $3 million worth of NOW shares himself, saying there's "no better entry point." And they announced a $5 billion buyback program. The stock's at its most oversold RSI levels in a decade. If it just returns to those January highs, you're looking at roughly 100% upside. Even using the conservative Zacks price target, that's about 70% upside from here.

Now let's talk about Celestica (CLS). This is the behind-the-scenes play—they build the actual hardware. AI servers, networking switches, data center infrastructure. While everyone's talking about the big AI companies, CLS is the one making the picks and shovels.

They grew revenue 29% in 2025 to $12.39 billion and more than doubled revenue between 2021 and 2025. Adjusted earnings jumped 56% last year. They're guiding for 37% revenue growth in 2026 and 39% in 2027, reaching $23.66 billion. That's nearly double 2025 numbers. Earnings expansion of 46% and 43% respectively.

CLS is currently down about 25% from its November highs, which is where I'm looking. The stock's trading at 30X forward earnings—50% below its highs. It found support at its 200-day moving average this week. The company's increasing capex to $1 billion in 2026, which they'll fund organically through cash flow. That tells you they're confident about the demand environment.

Here's the reality: both of these best technology stocks are trading at discounts while the fundamentals remain strong. The AI infrastructure build is real and accelerating. If you've been on the sidelines waiting for a better entry, this might be it. CLS has about 34% upside from current levels based on analyst targets, and NOW's situation is even more compelling given how far it's fallen.

The key is not overthinking it. These are quality companies with improving earnings estimates, real AI exposure, and management teams that are actually buying their own stock. That's the kind of setup that matters over the long term.