Technology stocks have been absolutely slaughtered by Wall Street in 2022. High inflation, which has led to aggressive monetary policy tightening by the Federal Reserve, continued supply chain issues related to the ongoing pandemic, and global economic impacts from the war in Ukraine have all contributed to a rising fear among investors. Together, they have induced one of the worst starts to a year in the stock market's history.

Even the FAANG stocks (an acronym for five prominent U.S. tech stocks) have been notably affected. Right now, it appears that stock prices are moving based on sentiment rather than fundamentals, leaving opportunistic buyers with several promising investment opportunities over the long run.

Let's take a closer look at two FAANG stocks that investors should earnestly consider buying today.

Business person analyzing investment data.

Image source: Getty Images.

1. Meta Platforms

Social media titan Meta Platforms (META -0.52%) -- formerly known as Facebook, the "F" in FAANG -- has watched its stock price nosedive 53% year to date. The sell-off is related to a variety of macroeconomic factors, like high inflation, rising interest rates, softness in e-commerce, and the war in Ukraine. Those are in addition to company-related issues such as Apple (AAPL 1.27%) iOS privacy changes and Meta's increased focus on short-form video to compete with ByteDance's TikTok. Short-form videos currently monetize at a slower rate than News Feed and Stories.

These issues were apparent in the company's latest earnings report: Total sales increased just 6.6% year over year to $27.9 billion, and its diluted earnings per share (EPS) decreased 17.6% to $2.72. User growth on the Facebook platform is decelerating as well. In the first quarter, daily active users and monthly active users grew 4.4% and 2.9%, up to 1.96 billion and 2.94 billion, respectively.

For the full year, Wall Street analysts expect Meta's total revenue to expand 6.8% year over year to $126 billion, and its EPS to contract 15.3% to $11.67. Next year, however, which is when comparable metrics will normalize, analysts project the company's top and bottom lines to grow 16.2% and 17.6%, respectively.

The company has $14.9 billion in cash and cash equivalents and has generated $39.8 billion in free cash flow (FCF) over a 12-month span, showing its ability to ride out any storm and continually invest in its business. Couple that with its measly price-to-earnings multiple of only 12.4, which is well below its five-year mean of 27.9, and Meta seems to be a great investment opportunity at the moment.

2. Apple

In a slightly different situation than Meta, Apple's business has been firing on all cylinders of late. In its second quarter of 2022, the iPhone maker grew total sales by 8.6% year over year to $97.3 billion, beating Wall Street estimates by 3.5%, and its diluted EPS rose 8.6% to $1.52, beating consensus expectations by 6.2%.

The impressive top-line growth was driven by a strong outing from its Services segment, which surged 17.3% during the quarter, up to $19.8 billion. The segment includes Apple Music, Apple TV+, Apple Pay, Apple Card, the App Store, AppleCare, and more.

The company's gross profit margin expanded 124 basis points to finish at 43.7%, compared to 42.5% a year ago, and its operating margin remained stable at 30.8%. Apple has $28.1 billion in cash and cash equivalents and has produced a whopping $105.8 billion in FCF in the past 12 months.

In spite of the solid operational performance and top-notch balance sheet, the stock price has slumped 19.9% since the start of the year. It's now trading at 23.7 times earnings, nearing its five-year mean of 23.1. In a market bristling with uncertainty, Apple is a phenomenal investment for prudent investors -- especially if its earnings multiple dips below its five-year average in the coming trading sessions.