Once upon a time, Amazon wasn't the powerhouse company it is today. When the dot-com bubble crash occurred in 2001, Amazon's stock cratered by roughly 90%. But that same stock has made people very wealthy over the following 20 years.

The current bear market has punished a lot of up-and-coming stocks. Investors shouldn't expect all these up-and-comers to turn out like Amazon, but some potential winners are hiding in the bunch. Here are five intriguing technology growth stocks trading under $20 each with the potential to generate Amazon-like returns.

1. Palantir Technologies

Data and data analysis have become central to modern businesses and organizations. Palantir Technologies (PLTR 0.93%) works with the U.S. government and private companies to analyze data on its two proprietary software platforms, Gotham and Foundry, to aid real-time decision-making.

PLTR Revenue (TTM) Chart

PLTR Revenue (TTM) data by YCharts

The stock has fallen 75% from its high, pushing the valuation down to a price-to-sales ratio (P/S) of 11. Palantir's management is forecasting annual revenue growth of at least 30% through 2025, and the business generated $225 million in free cash flow over the past year. Share-based compensation is the main culprit in keeping net income in the negative, but sustained 30% growth could help push the bottom line positive over time.

2. Amplitude

Digital products have become increasingly important; entire companies operate online, and most brick-and-mortar businesses have an app, website, or other digital products. Amplitude (AMPL 0.53%) is forging a new software category called digital optimization, where data analytics guide how companies develop and market products. Its platform helps enterprises identify and digest how customers interact with their businesses to help them make strategic decisions.

AMPL Revenue (TTM) Chart

AMPL Revenue (TTM) data by YCharts

Wall Street took the stock to the woodshed in 2022, cutting its price more than 80% from its high; the P/S ratio is now just 7.2. The company is also still burning cash -- free cash flow was minus $43 million over the past year. However, the company has $300 million in cash against zero debt, so it's well equipped to continue operating and growing in this challenging market.

3. Blend Labs

Banking is an old industry that goes back centuries to the beginning of modern society. Technology is slowly creeping into the financial sector, with companies like Blend Labs (BLND -1.50%) modernizing banking. The company operates a software platform to digitize the banking experience for consumers. Banks build apps and websites with their branding on top of Blend's software, which runs unnoticed underneath.

BLND Revenue (TTM) Chart

BLND Revenue (TTM) data by YCharts

The stock had a hard time in 2022, falling 85% from its peak. The company is sensitive to mortgage origination volumes, which the sharp rise in rates has badly hurt, especially in refinancing. Blend's business has suffered, and it has even resulted in layoffs. Fortunately, Blend has about $285 million in cash, and the layoffs could slow the cash burn, which totaled $155 million over the past year. Blend Labs is a beaten-down stock that could bounce back when the mortgage market heats up again.

4. Marqeta

Financial technology, or fintech, is a rapidly growing niche within financials, and Marqeta (MQ 1.22%) might be the best stock for exposure to the industry's upside. Marqeta's application programming interface (API) is software that lets fintech companies build and operate custom payment solutions. Its customers include DoorDash, Instacart, Affirm, Block, and other companies.

MQ Revenue (TTM) Chart

MQ Revenue (TTM) data by YCharts

Like the others on this list, Marqeta has fallen more than 70% from its high. The stock's valuation has fallen to a P/S of 7.2 while the company continues growing. The business is almost break-even on cash flow, burning just $10 million over the past year while holding $1.6 billion in cash, plenty to fund anything it needs in the near future. Marqeta charges a percentage of each transaction its APIs power, meaning the company will grow along with its best customers.

5. Opendoor Technologies

Real estate is a multi-trillion dollar industry, but the process of buying a house hasn't changed much over the years. Opendoor Technologies (OPEN -3.00%) is boldly trying to change that. It's using cash offers to buy homes, a practice called iBuying, to make home transactions more straightforward and quicker, similar to any other e-commerce transaction.

OPEN Revenue (TTM) Chart

OPEN Revenue (TTM) data by YCharts

Investors can be skeptical of bold ideas, and Opendoor is still trying to prove its long-term viability to Wall Street. In the meantime, the stock has fallen 85% from its all-time high. Rising rates could cause a downturn in the housing market, and Opendoor must show how it performs when home values go down instead of up. Opendoor generated a profit in a strong housing market last quarter; the upcoming quarters could answer some long-term questions about the business.