Recent analyst commentary on BlackBerry (TSX:BB) has zeroed in on its QNX and Secure Communications segments, as fresh research and product updates in cybersecurity and IoT are fueling renewed investor interest in the stock. At around CA$12.54, BlackBerry’s recent 30 day share price return of 15.26% and year to date share price return of 140.23% sit alongside a 1 year total shareholder return of 111.47%. This suggests momentum has been building ahead of upcoming earnings and the AGM, especially after a 176.21% 90 day share price return. If BlackBerry’s cybersecurity and IoT story has your attention, it could be a good moment to widen your watchlist with 49 AI infrastructure stocks With BlackBerry now carrying a market cap of about CA$7.3b and trading well above some analyst price targets, the key question is whether recent enthusiasm has pushed the stock ahead of its fundamentals or if markets are still underestimating its cybersecurity and IoT growth story. Most Popular Narrative: 22.7% Undervalued BlackBerry’s fair value of CA$16.22, according to the most followed narrative, sits above the recent CA$12.54 share price. This puts that story firmly in focus for anyone tracking the recent rally. The market is pricing BlackBerry as a maturing automotive software company. What it actually has is the safety infrastructure layer that physical AI cannot be commercially deployed without. The automotive royalty backlog took fifteen years to reach $950M. The physical AI backlog is starting from zero right now, in a faster-growing market, with the same royalty model and the same impossibility of removal once embedded. Want to understand why this narrative puts such a premium on QNX’s royalties and margins, and how future profit assumptions support a CA$16.22 fair value? The full story lays out the earnings, revenue mix, and profitability profile that sit behind that gap to