The stock market had been on an amazing run for more than a decade following the collapse of the financial markets, and it was the technology sector leading the way. Even accounting for the market plunge at the onset of the pandemic, the Dow Jones Industrial Average is up almost 300%, and the S&P 500 is over 350% higher.

However, the tech-heavy Nasdaq Composite Index (over half of the stocks in it are tech stocks) surpasses both of them, with returns exceeding 600%, though the gains were even better last November before the market began rotating out of the high-flying issues and into more defensive, consumer-oriented names. 

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It peaked on Nov. 19 last year, but the index tumbled hard afterwards, falling over 20% by the middle of March and officially landing in bear market territory. But now there's a good chance technology might be on its way back. In less than two weeks, the Nasdaq Composite is up 12%, once again outpacing the Dow and S&P 500. 

Savvy investors love pullbacks like this because it makes previously high-flying, high-priced stocks that were unattainable during their glory days much more affordable now. Some of the top tech stocks have lost half or more of their value since the rout began, making them screaming buys. This pair of tech stocks are some of the best ones to buy now.

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1. PubMatic

Cloud-based ad-buying platform PubMatic (PUBM -1.43%) allows publishers to sell their ad space to advertisers while integrating its tools into other leading platforms to help demand-side buyers. While most companies have advertising as an expense, PubMatic thrives on it as its revenue stream.

It's been a volatile stock since its December 2020 IPO, and its latest earnings report missed analyst expectations and disappointed on guidance as pandemic-led revenue gains eased. However, connected TV continues to be a flashpoint for growth, with channel revenue surging sixfold over the year-ago period.

Its asset-lite business model is well suited for the inflationary times that we're in because it can get better returns on its investments than if it had to purchase new equipment, which keeps getting more expensive. That's evident in PubMatic's adjusted EBITDA margin, which came in at 42% for 2021 compared to 34% margins in 2020.

By relying on artificial intelligence and the machine learning capabilities of its technology, it's able to take advantage of the accelerating amount of money being spent on digital advertising, which hit $763 billion in 2021, greater than the $749 billion predicted in the middle of last year, and now accounts for over 64% of total advertising. For context, it amounted to 60.5% in 2020 and 52.1% in 2019.

With shares down more than 50% from their 52-week highs but up sharply 34% from their lows, PubMatic looks ready to ride out the tech sector's return.

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2. Nvidia

Nvidia (NVDA 0.48%) hasn't been hurt as much as other former fast-growing tech stocks if you consider losing a quarter of its value not too bad. At the same time, analysts are calling for the big revenue gains the microchip stock made as a result of the COVID-19 outbreak to lessen over the next two years. They may be shortsighted.

Gaming remains Nvidia's biggest segment at the moment, and it's still hugely popular and growing, but the push forward by data centers is where the real opportunity lies. Revenue from its data center segment in the fourth quarter (period ended Jan. 30) rocketed 71% over the prior year. Demand across virtually all segments remains white-hot, and while not immune from the global chip shortage, Nvidia has a diverse supply chain and expects to navigate it even though shortages will likely be with us for some time to come.

Even so, CEO Jensen Huang believes demand won't dissipate because demand for home workstations is rising. The pandemic changed how many people worked, and though many have returned to the office, a large contingent remains remote. Huang says about the situation, "I think these are permanent conditions, and we're going to see new computers being built for quite a while."

There's also the massive demand for chips in automobiles that's caused manufacturers to ship cars and trucks without certain chips installed just to meet the demand for new vehicles. Future trends like the metaverse will also need the superior computing power of Nvidia's chips, all of which make Nvidia's depressed stock price attractive.

And Wall Street does still think Nvidia will grow earnings at a compounded rate of 30% a year for the next five years. The chipmaker just held an investor day that had JPMorgan analyst Harlan Sur telling clients Nvidia remains "one to two steps ahead of its competitors," which is why he reiterates his buy rating and a $350 one-year price target. That implies a 32% upside from here, but it may only be the start of a big bounce higher.