The carnage has been widespread on the stock market in 2022, but tech investors have been hit especially hard. The Nasdaq Composite has declined over 30% this year compared to a 9% drop in the Dow Jones Industrial Average and a 20% slump in the broader S&P 500.

Even though Wall Street tends to do the opposite, the rational response for a shopper is to take advantage of lower prices by purchasing more of an item as it gets cheaper.

With that idea in mind, let's look at some good reasons to buy Netflix (NFLX -0.95%) and Microsoft (MSFT -1.41%) stocks even if they've already made it into your portfolio.

1. Netflix isn't broken

The main knock against Netflix that stock in 2022 was that competition had finally caught up to the streaming video leader. The company reported two consecutive quarters of subscriber losses, after all, even as rivals like Walt Disney signed up many more users. Worse yet, Netflix has spent aggressively on content through mid-2022, suggesting an end to its core growth avenue that relied on a growing portfolio to power steady gains in its user base.

Those worries are overblown. Netflix quickly returned to growth in the third quarter and has projected over 4 million new subscribers in the fourth quarter. The future should be even brighter as rivals pivot away from a growth-at-all-costs strategy. Disney says it is done burning cash for its streaming service, for example, and just hiked its prices.

Netflix is also targeting positive and growing annual cash flow from here on out. Margins should steadily rise, too, as they did in the years leading up to the pandemic. These wins should support strong investor returns over the coming years, especially after the stock price was cut in half in 2022.

2. Microsoft

Microsoft's 29% stock price decline in 2022 makes it a modest outperformer, but shareholders have better returns to look forward to in the coming years. Sure, parts of this tech giant's business are shrinking. The PC industry is in a cyclical downturn, and that's hurting Microsoft's sales on software products like Windows and productivity software.

But owning Microsoft stock also gets you exposure to attractive niches like cloud enterprise services, gaming, and augmented and virtual reality. Investors are less excited about these areas right now because of short-term growth challenges. But they should be huge growth avenues long after the current cyclical downturn is over.

Yes, like with Netflix you're taking on risk by buying Microsoft stock ahead of what could be a tough 2023 for economic growth. Yet both companies are self-funding through the use of their own operating cash, meaning they aren't directly exposed to the rising interest rates that are making debt more expensive. And the two leaders have demonstrated an ability to win market share through a wide range of selling conditions.

It is stocks like these that investors can lean on during bear markets. The fact that shares of both companies are down significantly in 2022 only adds to the bullish long-term prospects for these growth stocks, which look like attractive buys right now.