The bear market has hit investors hard, and it appears that no major index reflects this pain more than the Nasdaq-100 Technology index (down nearly 33% from all-time highs). The tech-heavy nature of its holdings has also made this decline more severe as many growth tech stocks crashed.

But while the stocks are down significantly, the companies behind the stocks are still solid. Their current growth rates and the value propositions of these enterprises dramatically increase the likelihood of an eventual recovery. To this end, investors may want to consider doubling down on three Nasdaq stocks: Advanced Micro Devices (AMD 0.69%), MercadoLibre (MELI -1.98%), and Zoom Video Communications (ZM 1.46%). Let's find out a bit more about them and why they are worth investing in.

1. AMD

Advances in the tech industry have dramatically increased the demand for semiconductors, and AMD's position in the CPU and GPU markets has placed it at the center of this trend.

As AMD still competes in its legacy PC business, it has expanded into applications such as gaming and data centers. The company has also enhanced its capabilities with the purchase of supercomputing company Xilinx and the edge-computing enterprise Pensando.

Such advancement helped lead to $5.9 billion in revenue in the first quarter, 71% higher than year-ago levels. Non-GAAP (adjusted) net income rose 148% during this period to $1.6 billion as AMD kept the cost of sales growth in check. Also, since AMD forecasts 60% revenue growth for 2022, the rapid growth should continue.

Moreover, stockholders have an excellent opportunity to double down. Its price of under $75 per share is its lowest price since mid-2020 and a 55% discount from its 52-week high.

Additionally, its price-to-earnings (P/E) ratio of 28 is at a multi-year low, and it sells at a significant discount to Nvidia's P/E ratio of 40. Given this massive growth and increasingly essential role in the advancement of tech, investors should consider taking advantage of this discounted stock price.

2. MercadoLibre

Like its developed-world counterpart, Amazon, Latin American e-commerce giant MercadoLibre should benefit from an expanding ecosystem.

Latin America is primarily a cash-based society, a challenge that can make e-commerce difficult. MercadoLibre responded with fintech applications with Mercado Pago, an application it later made available to consumers and businesses not buying from its site. It has also launched Mercado Envios. This service handles storage, packaging, and shipping for its clients.

These and other offerings have kept MercadoLibre's growth robust. In the first quarter of 2022, net revenue of $2.2 billion grew 67% from year-ago levels. This was only slightly lower than the 78% revenue growth in 2021. The company also turned profitable, reporting $65 million in net income, up from a $34 million loss in the year-ago quarter.

Also, doubling down has become less expensive thanks to the bear market. MercadoLibre has dropped by almost 65% from its all-time high last year to just above $700 per share.

Additionally, its price-to-sales (P/S) ratio is just above 4. While that makes it marginally more expensive than its Southeast Asia-based counterpart Sea Limited, it also takes its sales multiple to its lowest point since the financial crisis. Such a price could seem low as the rapid growth likely inspires a recovery in MercadoLibre.

3. Zoom

The lockdowns that inspired the past growth of Zoom stock have largely ended. However, that time not only made Zoom a household name but also set in motion Zoom's dominance in the video conferencing industry.

For one, it has gained a 74% market share in its industry, according to Datanyze, despite competition from heavyweights such as Microsoft and Cisco Systems.

Moreover, it works with other megatechs such as Meta Platforms to make online meetings a permanent fixture in the workplace. It utilizes Meta's VR goggles to enable meetings in the metaverse and whiteboards visible to all participants.

In its fiscal first quarter of 2023 (which ended April 30), revenue of $1.1 billion was up 11% year over year. This slowed from the 55% revenue growth in fiscal 2022 as more workers returned to the office. Net income also fell by 50% year over year to $113 million as it ramped up spending in research and development and sales and marketing.

That slowdown has led to an 80% drop in the stock since late 2020. However, its P/S ratio, which topped 120 in late 2020, has fallen to about 9, close to all-time lows. But amid this decline, analysts such as ARK Invest are upgrading its profit outlook as its attributes have given investors a second chance to buy shares in this increasingly indispensable enterprise.