10 High Growth IT Stocks To Invest In Now

4. VNET Group Inc. (NASDAQ:VNET)

5 Year Revenue CAGR: 16.80%

Average Upside Potential as of November 14: 45.55%

VNET Group Inc. (NASDAQ:VNET) is an Internet and data center service provider in China specializing in hosting and related services. It offers a range of services including managed hosting, cloud services, VPN services, and server administration. These services cater to various industries such as IT, communications, gaming, e-commerce, finance, and government.

Its strong financial performance is driven by the increasing demand for AI-powered solutions. Its wholesale business, particularly its hyperscale data centers, has been a key beneficiary of the AI boom. The company has secured substantial orders totaling 235 megawatts, primarily for AI deployment, as of the quarter ending August 27. To capitalize on this growing trend, the company is investing in AI computing power, expanding its AI-related business, and deepening its understanding of customer AI needs. Its Ulanqab IDC campus, a state-of-the-art facility, is specifically designed to support large language model training, catering to customers in the internet, autonomous driving, and financial services sectors.

VNET Group Inc. (NASDAQ:VNET) is also implementing innovative technologies, such as advanced power modules and liquid cooling solutions, to meet the demanding requirements of AI workloads. The company’s extensive network of data centers, particularly in the Greater Beijing Area, is well-positioned to serve the rising AI demand.