Megaport Ltd's stock soared 5.03% during intraday trading on Wednesday, marking a significant upward movement for the technology company.

The surge follows a report highlighting broker optimism for the company's future prospects. According to Morgans, Megaport's core product - a global software-defined network platform - is positioned to benefit from artificial intelligence growth rather than be replaced by it. The broker has set a price target of $16 for Megaport shares, representing approximately 112% upside from current levels.

This positive outlook comes despite Megaport having fallen 38% year-to-date as part of a broader selloff in Australian technology stocks. The company enables businesses to connect directly to cloud providers and data centers, a service that brokers believe will see increased demand as AI applications expand.