With the Federal Reserve implementing substantial interest rate hikes to combat high levels of inflation, growth stocks have been under pressure lately. Adding even more bearish catalysts into the mix, the war between Russia and Ukraine continues to create uncertainty, and China's moves to implement new pandemic lockdowns are threatening to create extended supply chain disruptions. In some respects, it's a challenging time to be a growth-oriented investor. 

On the other hand, recent market turbulence means that some incredibly promising stocks are now trading at huge discounts and are poised to deliver big wins for patient investors. With that in mind, read on for a look at two stocks capable of turning a $250,000 investment into $1 million (or more) by 2030. 

A calculator reading 1,000,000, surrounded by cash.

Image source: Getty Images.

1. Airbnb

Airbnb (ABNB 1.43%) delivered another round of fantastic results with its recently published first-quarter earnings report. The short-term rental specialist saw currency-adjusted revenue surge 74% year over year to reach roughly $1.5 billion in Q1, and its net loss of $19 million in the period was just a sliver of the $1.2 billion loss it posted in Q1 2021 and the $292 million loss it posted in the 2020 quarter. The stock got a nice pop following the better-than-expected results, but the positive momentum proved to be short-lived. 

With the market at large, and growth stocks especially, seeing volatile trading lately, Airbnb almost immediately gave up its post-earnings gains. It can be disappointing to see a stock fail to gain ground even when the business is posting great performance, but that dynamic is creating an opportunity to build a bigger position in a fantastic company.  

ABNB PS Ratio (Forward) Chart
Data by YCharts.

With the company valued at roughly 10 times this year's expected sales and 49 times expected earnings, this is still a growth-dependent stock, and it could see some bumpy trading in the near term. On the other hand, the business has been serving up tremendous results, and shares look quite cheap when viewed through the lens of Airbnb's long-term expansion potential. 

Airbnb already has a market capitalization of roughly $80 billion, but it's just scratching the surface of its long-term potential. With a category-leading business in an industry that's poised for continued expansion, I actually think that growing its current stock price by four times from current levels by 2030 will actually prove to be a conservative target for Airbnb. 

2. PubMatic

PubMatic (PUBM 0.62%) is a programmatic advertising company with a platform that helps automate ad placements in order to better reach valuable target audiences. The stock trades down roughly 70% from the lifetime high that it hit in March 2021, but I think it's in good shape to bounce back and deliver fantastic returns for patient investors.

Digital advertising companies have faced a challenging operating backdrop over the last year. Changes that Apple made to data that can be collected from users on its mobile operating system threw the industry for a loop, and investors have generally been becoming more averse to growth-dependent tech stocks.

Recent news that the U.S. economy actually contracted 1.4% in this year's first quarter suggests PubMatic is dealing with less-than-ideal macroeconomic conditions this year. But the specialist still looks poised to benefit from the long-term growth of the digital ads industry. 

Advertising spending is still shifting away from legacy distribution channels and toward digital, and PubMatic is well-positioned to capitalize on opportunities related to the trend. With a market capitalization of less than $1.2 billion, this is still a relatively small company that's capable of delivering explosive growth. 

PUBM PS Ratio (Forward) Chart
Data by YCharts.

What's more, the company is already posting consistent profits, and shares look cheap, trading at roughly 3.7 times this year's expected sales and 24 times expected earnings. PubMatic closed out its last full fiscal year with a 74% gross margin and a 25% net income margin. That performance points to strong earnings growth potential as the company continues to attract new customers and boost spending from those already using its advertising platform. 

As with Airbnb, I expect that PubMatic stock will actually grow significantly more than four times its current price by 2030.