Been watching two tech stocks that got absolutely hammered last year but might be setting up for something interesting in 2026. Adobe and Salesforce both dropped roughly 20% in 2025 while the rest of tech was partying with AI hype. Kind of wild how they got left behind.

What caught my attention is the momentum they're showing now. Adobe just reported record Q4 sales and has been posting double-digit growth for nine straight quarters. Their whole strategy around cloud delivery and AI features is clearly resonating - they're embedding automation and generative capabilities into products people already can't live without. The thing about Adobe products is once you're locked in, you're locked in. That's a real competitive moat.

The valuation story is interesting too. Trading at 14.2X forward earnings, it's got like a 40% discount to the S&P 500. Consensus is calling for 12% adjusted EPS growth this year and 13.4% next year. For a company with this kind of AI exposure, that's not a bad entry point if you're thinking about a rebound trade.

Salesforce is showing similar signals. Their remaining performance obligations hit 59.5 billion, up 12% year-over-year. Operating cash flow jumped 17% to 2.3 billion. They're throwing money back at shareholders too - 3.8 billion in buybacks and 395 million in dividends. Then they raised their full-year guidance, which actually reversed the negative sentiment that was dragging the stock down.

What's interesting is both companies are genuinely positioned in the AI wave, but the market kind of forgot about them while chasing other names. Their latest earnings showed real demand - not just hype. CRM is guiding for 9.5% sales growth this year, and both are seeing customers actually adopting their new AI-powered tools.

So here's the thing - these stocks rebound narratives sometimes play out when the market realizes it overreacted. Adobe and Salesforce both have the fundamentals backing them up. They've got sticky customer bases, real cash generation, and genuine AI adoption happening. After getting crushed last year, these stocks rebound candidates feel worth paying attention to heading into the rest of 2026.

If you're looking at tech stocks that got oversold, these two probably deserve a closer look. The rebound thesis is actually backed by earnings momentum, not just hope.