The All Ordinaries Index (ASX: XAO) is up 5.3% so far in 2025, with two quality ASX All Ords tech stocks having yet to add to those gains.
But, according to the analysts at Macquarie Group Ltd (ASX: MQG), that underperformance is likely to turn to outperformance in the months ahead.
Both companies have a strong connection to semiconductors, data centres, and the ongoing artificial intelligence (AI) revolution.
Yet both are lagging the recovery in the global semiconductor sector.
The ASX All Ords tech stocks in questions are New Zealand based infrastructure investment company Infratil Ltd (ASX: IFT) and data centre operator and developer NextDC Ltd (ASX: NXT).
In afternoon trade on Monday, NextDC shares are down 1.5% at $14.02. That sees the NextDC share price down 6.7% year to date.
Shares in Infratil, which trades on both the ASX and New Zealand stock exchange, are down 0.4% on the ASX today, trading for $10.55 apiece. That puts the Infratil share price down 7.0% in 2025.
Now, here's why Macquarie forecasts a rebound ahead for both AI related stocks.
Why these ASX All Ords tech stocks could leap higher into 2026
The analysts at Macquarie noted that both NextDC shares and Infratil shares have lagged the recovery in Global Semiconductors off the March lows.
They point out that, "NXT is -22% relative to the PHLX Semi Index, IFT is -18%" despite a strong positive historical correlation of Australian data centres with the PHLX Semi Index.
Citing demand for new data centre capacity in Australia and New Zealand, the broker said, "We see scope for NXT & IFT multiple expansion," adding that both ASX All Ords tech stocks are "trading below +1 standard deviation to the median in the AI era".
Commenting on the rally in semiconductors, Macquarie said:
Nvidia Corporation (NASDAQ: NVDA) produces a specialised China AI chip, the H20, which complied with old US export restrictions. New US export restrictions came into effect in April, ceasing H20 chip sales to China (driving US$2.6b of lost 1Q26 revenue for NVIDIA).
Despite this lost revenue and a US$4.5b inventory write-off, NVIDIA 1Q26 H20 revenues were US$4.6b. These restrictions were recently relaxed with media speculation that this is part of a US-Sino rare earths deal and is restarting H20 sales.
Although ANZ Data Centres have no exposure to China, NXT & IFT are yet to recover despite a strong demand environment and Google & Oracle's increased leasing activity in Australia.
Connecting the dots, Macquarie expects both ASX All Ords tech stocks to deliver positive gains in the year ahead.
The broker has an outperform rating on Infratil, with a 12-month price target (for its New Zealand listing) of NZ$12.32. That's 6.6% above current levels.
Macquarie expects significantly more gains from NextDC shares, with an outperform rating and a 12-month price target of AU$22.10 a share. That represent a potential upside of 57.6% from current levels.
