2022 has been a tough year for investors. The S&P 500 market index is down more than 30% year to date and the more growth-oriented Nasdaq Composite lost more than 30% over the same span. Within these broad market trackers, many stocks have taken even harder hits.

On the upside, the negative market trend has created some fantastic buying opportunities. That's particularly true in the tech sector, which tends to exaggerate whatever trends are going on in the general stock market. But wait -- there's more good news! Given the price-based mathematics of dividends, lower stock prices also tend to drive dividend yields higher.

Taken together, these two effects make me want to pound the table about investing in Intel (INTC -5.16%) and International Business Machines (IBM -1.95%) right now. These top-quality companies have seen sharp price drops in 2022, pushing their cash-powered dividends to new heights of generosity.

Intel's turnaround story: 5.7% dividend yield

Semiconductor giant Intel's latest earnings report was admittedly disappointing. The company fell short of Wall Street's estimates on both the top and bottom lines. Management conceded that the results were below Intel's own expectations, partly due to execution issues. The stock is down 35% since that fateful report, far below the S&P 500's 11% decline over the same period.

Today, Intel's stock trades at the lowest price-to-sales and price-to-earnings ratios seen since the early 1990s. The dividend yield stands at an ultra-generous 5.6% -- the highest in Intel's 30-year dividend history.

You might see these unusual metrics as red flags signaling Intel's fall from grace. However, I see a tremendous opportunity to buy in and lock down those incredible dividend yields amid a unique turnaround story.

The processor design cycle tends to take between three and five years. Intel appointed a new CEO in 2021, who then revamped the entire management structure to his liking. CEO Pat Gelsinger is still saddled with the decisions and product developments of his predecessor, and the real improvements to Intel's long-term business plan won't materialize until 2024. We are in the deep end of that troublesome trough, deepened even further by exceptional challenges for the American and global economies.

Intel's business prospects are actually brighter than ever in the long run. Gelsinger is an engineer at heart, replacing a financial professional who had to take Intel's help in a scandalous hurry. It makes sense that former CEO Bob Swan made some operational mistakes, and I have full confidence that Gelsinger can right the ship -- given enough time.

On top of all that, Intel has started to manufacture chips for other companies and is investing billions of dollars in expanded chip-building facilities. The cash machine looks as healthy as ever, and Intel remains committed to returning a significant slice of that cash to shareholders in the form of dividends. Investors should jump at a chance to nail down Intel's massive dividend yield while the stock is cheap.

IBM's artificial intelligence focus: 5.6% dividend yield

Big Blue's lofty dividend yield is not a company record, but you'll only find a handful of richer quarterly checks among the S&P 500 tickers. And if you narrow your search down to the S&P 500's technology names, only Intel stands above IBM's yield today. We are looking at the elite of the elite of the tech sector's dividend payers here.

The company started its transition away from hardware into software and services a decade ago. Today, IBM is a giant in hybrid cloud services and artificial intelligence (AI) tools. The current platform was rebuilt around the $34 billion Red Hat acquisition of 2019.

IBM's top-line sales grew 16% year over year in July's second-quarter report. Hybrid cloud sales are rising even faster, and more than 70% of IBM's total sales now come from software and consulting. This centennial titan has transformed itself into a high-growth phenomenon with its finger directly on the pulse of the computing market's biggest growth opportunities.

Yet, the stock price has fallen 13% in 2022 as investors shied away from growth stocks in favor of ultra-safe value havens. In my eyes, IBM supplies its high-octane growth opportunities from a rock-steady financial platform. It's the best of both worlds, appealing to growth and value investors in equal measure.

These high-yield household names are on sale

These two companies take their annual dividend increases very seriously:

INTC Dividends Paid (TTM) Chart

INTC Dividends Paid (TTM) data by YCharts

IBM and Intel shares have taken significant haircuts in 2022, mostly due to challenges facing the economy as a whole. The price drops have given their stocks attractive dividend yields, and if you buy in today, you can lock in those high yields for the long term. That's a great way to build lasting wealth in the stock market.