While the stock performance of many tech stock favorites remains volatile, the business performance of these companies continues to impress. As an investor, it's important to separate the performance of the underlying business from share price movements, particularly in a choppy market like the one we have right now.

If you're on the hunt for more promising businesses to add to your portfolio this month and are willing to ignore the short-term stock volatility in order to benefit from the long-term potential, here are two well-known tech stock names that you shouldn't overlook.

1. Upstart 

Upstart (UPST -1.50%) isn't giving investors the same rewarding returns it was in the earlier days of the pandemic, but the underlying catalysts driving this business could easily help shares rebound in the next bull market. The company is facing a series of challenging headwinds right now, many of which can be traced back to the tough macroeconomic landscape. 

Upstart is an artificial intelligence-powered lending platform that partners with banks and credit unions to provide consumer loans. Loan eligibility is determined using non-traditional variables, such as education and employment, to predict creditworthiness via AI. Upstart's platform continues to adjust to the risk factors present in the current environment, meaning that loan approvals are down and the ones approved are assigned higher rates of interest.

Being able to adjust demonstrates that its proprietary model is not only working as designed, but also retains an ongoing advantage when compared to the traditional lending model. For example, management noted in the company's 2022 earnings report that its platform had learned as much in the last seven months as in the prior 30 months. That learning curve also meant that more loans processed through Upstart's platform are fully automated -- 82% as of the most recent data available.  

Along with fewer loans being approved, fewer consumers are applying for loans right now because of higher interest rates. Plus, Upstart's lending partners are more careful about what loans they will take over. All this has led to lowered volumes in loans approved. Long-term investors need to remind themselves that these are all short-term headwinds that will dissipate when consumer and institutional investor spending is less constrained (i.e., the economy improves). 

Till the economy improves, Upstart is working to streamline costs and recently announced layoffs, reducing its workforce by 20%. While discussing efforts to improve operational efficiency, CEO Dave Girouard pointed out on the 2022 earnings call:

I want to make it clear that we're committed to running an operationally and fiscally tight ship. And always have been. We've been profitable for most of the time that we've been public, and it's our intention to return to profitability as soon as possible.  

Upstart continues to grow its market share in key segments of the lending market. It's also expanding its partnerships with banks and credit unions. At the end of 2022, the company had grown its cohort of bank and credit union partners to 92, up 120% year over year. This expansion creates a solid foundation for recovering lost lending volume and sparking future growth as economic conditions improve.  

To be clear, Upstart stock may not be for every investor. It comes with some level of risk. But the power of Upstart's lending platform and its continued ability to grow makes it a compelling long-term consideration in the current market. 

2. Airbnb 

Airbnb (ABNB -0.96%) went from strength to strength in the last several quarters, demonstrating it can grow even in a challenging environment where consumer spending habits remain uncertain. That's a testament to the strength of its underlying business.

Airbnb operates an online marketplace that facilitates short-term stays and experiences. The company acts as a broker and charges a commission from each booking. There's still talk of a possible recession in 2023 which could certainly create a tough operating environment. But this company can easily outlast what would likely be a relatively short-term downturn for what will otherwise be a multiyear growth project.

Airbnb has a variety of catalysts it can pull from to drive ongoing and future growth. The typical leisure traveler is just one of many segments its business caters to. A significant driver of this change is the increased flexibility its users take advantage of in the age of remote, hybrid, and flex work. For some, there is less distinction between leisure and business travel. This ability to enjoy location independence is not just a fad, and the versatility of Airbnb's platform and the types of opportunities it offers users make it an ideal fit for the modern traveler. 

For traditional users, the ability to stay anywhere from a cottage on the beach to a ski lodge in the Swiss Alps and book it all on a single platform should continue to drive the recovery and momentum Airbnb is seeing. It's worth noting, though, that long-term stays continue rapidly growing. Currently, 21% of all bookings completed on the platform are for long-term stays of 28 days or more, up from just 13% in pre-pandemic days.  

Airbnb's profitable and cash-rich business should help it stay resilient if the economy worsens and consumer spending patterns worsen. The company generated its first full year of annual profitability in 2022, raking in net income of $2 billion in the 12-month period. It generated free cash flow of $3.4 billion last year, up 3,072% from pre-pandemic levels.  

For long-term investors seeking a profitable, steadily growing business with many factors driving its business forward, Airbnb looks like a no-brainer buy to scoop up right now.