The S&P 500 and Nasdaq Composite recently hit their all-time highs as investors cheered the prospects of stabilizing interest rates. The market's insatiable appetite for high-growth AI stocks and a "fear of missing out" amplified those gains.

As the bull market continues, it might seem difficult to find cheap stocks that still have a lot of upside potential. However, I believe these three oft-overlooked stocks -- Magnite (NASDAQ: MGNI), DigitalOcean (NYSE: DOCN), and Qualcomm (NASDAQ: QCOM) -- are still screaming bargains right now.

1. Magnite

Magnite is an ad tech company created by the merger of The Rubicon Project and Telaria in 2020. It subsequently acquired several other companies to become the world's largest independent sell-side platform (SSP) for digital ads.

SSPs help publishers manage and sell their own ad inventories, and they shouldn't be confused with demand-side platforms (DSPs) that sell the actual advertising space. Digital advertising giants like Alphabet's Google bundle together SSPs, DSPs, and other advertising tools, but independent SSPs and DSPs encourage companies to buy and sell ads across the "open internet," which isn't locked into the "walled gardens" of tech giants like Google.

Magnite suffered a slowdown over the past year as its connected-TV business, which previously drove most of its growth, cooled off in a challenging macro environment. In 2023, its revenue rose only 7% as its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) dipped 4%. But from 2023 to 2026, analysts expect its revenue to rise at a compound annual growth rate (CAGR) of 12% as its adjusted EBITDA grows at a CAGR of 14%.

Those are robust growth rates for a stock that trades at just 3 times this year's adjusted EBITDA. If you believe Magnite's business will stabilize as the macro environment warms up, then its stock looks deeply undervalued.

2. DigitalOcean

DigitalOcean is a cloud infrastructure service provider. But unlike larger cloud infrastructure platforms such as Amazon Web Services and Google Cloud, which mainly serve larger enterprise customers, DigitalOcean carves out cheaper "droplets" of individual servers for smaller businesses. Its recent acquisition of the cloud startup Paperspace last year also added GPU-powered AI processing services to its servers.

Like many of its peers, DigitalOcean struggled as many companies reined in their software spending to cope with the macro headwinds. But in 2023, its revenue still rose 20%, its number of customers grew 5%, and its average revenue per user rose 10%. Its higher-value customers who pay at least $50 a month also accounted for 86% of its full-year revenue. Its adjusted EBITDA margin expanded six percentage points to 40% in 2023.