Tech stocks are experiencing their most significant slump since the 2008-09 Great Recession. The current swoon has dampened enthusiasm for the sector, in part because many companies are seeing a substantial slowdown in growth.

However, the hypergrowth did not disappear for all growth tech stocks. Some companies are still expanding their operations and growing their revenue regardless of the broader macroeconomic headwinds. Investors hoping to buy a lucrative growth name now trading at a lower price might want to take a closer look at Advanced Micro Devices (AMD -0.06%) and Snowflake (SNOW 2.04%). Let's find out a bit more about these two hyper-growth stocks.

1. AMD

Chip industry investors usually deal with cyclicality and rapid change as companies engage in a never-ending battle to gain and maintain market superiority. Yet one who has stood out in this battle is AMD. It's true that AMD and its peers have benefited from a chip shortage during the pandemic. But it's also true that the strategic vision of CEO Lisa Su that took AMD from penny-stock status to one of the more prominent companies in the semiconductor industry.

AMD Chart

AMD data by YCharts

AMD has built a technical edge over longtime rival Intel, releasing its 5nm Ryzen 7000 processors in late September before Intel even brings a 7nm chip to market. Also, it has made inroads with rapid data center growth, claiming market share from its longtime archrival. Its GPUs have also helped AMD compete with industry leader Nvidia as AMD's share of the discrete GPU market grows to 24%, according to Jon Peddie Research.

Although many peers have pointed to a slowdown, AMD's numbers show no significant latency. The company generated over $12 billion in revenue in the first half of 2022, 70% higher than the same period in the prior year.

From that, AMD generated $1.7 billion in non-GAAP (adjusted) net income in the first two quarters of 2022, a 119% yearly increase compared with the first half of 2021. Profits grew more quickly as the company increased its non-GAAP gross margin from the year-ago period. Moreover, AMD expects rapid growth to continue as it forecasts a 60% yearly revenue growth in 2022.

Still, slowing PC and gaming sales remain concerns. Additionally, AMD stock trades near 52-week lows amid the decline in tech stocks. The stock has lost close to half its value since last November.

However, its P/E ratio of 33 is close to multiyear lows and still makes it cheaper than Nvidia at 44 times earnings. Considering the company's growth rates and market share gains, the current price arguably makes AMD a value stock.

2. Snowflake

Snowflake gained notoriety for attracting a pre-initial public offering (IPO) investment from Warren Buffett's team at Berkshire Hathaway. Investors like Buffett have taken note of its position in the data cloud market.

The company serves the data cloud market and provides an agnostic platform that allows other businesses to unify, secure, and connect data sets from various parts of those businesses. The platform helps entities manage data updates and prevent redundancy, both of which are issues when administrators silo data on individual servers. Although many cloud companies offer data cloud products, Snowflake has built an advantage by operating seamlessly with all cloud providers. This gives it neutrality that data cloud products from Amazon or Microsoft will struggle to match.

Only about 6,800 customers used the product at the end of the second quarter of fiscal 2023, which ended July 31. That was a 36% rise from year-ago levels. Also, 246 customers spend over $1 million annually, a number that grew 112% over the same period.

Additionally, Snowflake reported net revenue retention of 171%, meaning the average customer spent 71% more this year than last. That may explain why revenue in the first half of fiscal 2023, which was about $920 million, surged 84% compared to the same period last year.

Snowflake lost $389 million during that period and will likely continue losing money as it remains in a rapid growth mode. Still, the company forecasts just over $1.9 billion in revenue for the fiscal year, a 71% increase at the midpoint. That factor should reduce losses over time.

Admittedly, such growth has not prevented Snowflake stock's nearly 60% price drop since last November. And with a 32 price-to-sales ratio, it remains a pricey stock. However, investors should not assume that it is too late to buy Snowflake stock. As Snowflake continues to claim a more significant share of the data cloud, it may have barely begun to scratch the surface of its potential for gains.