Robinhood Markets (HOOD 12.23%) is considered by some to be a platform for trading speculative meme stocks and cryptocurrencies. That's why it isn't surprising that its own investor index of popular stocks on the platform counts AMC Entertainment and GameStop as two of its 10 most-owned stocks.

Yet Robinhood's top-10 list also includes blue chip tech stocks like Apple (AAPL 0.02%) and Amazon (AMZN 0.58%),. These two tech stocks are trading down about 7% and 35%, respectively, over the past 12 months. Investors (whether in Robinhood or not) dumped both stocks as rising interest rates crushed the tech sector, but I believe these two stocks could still bounce back and outperform the market this year.

A person checks a smartphone while using a laptop.

Image source: Getty Images.

1. Apple is ripe for a comeback

Apple's revenue soared 33% in fiscal 2021 (which ended in September 2021) after it launched its first family of 5G-capable iPhones. Its iPhone sales jumped 39%, and all of its other business segments reported positive growth. Its EPS grew 71%, partly driven by its $86 billion in buybacks throughout the year.

But in fiscal 2022, its revenue and EPS only rose 8% and 9%, respectively, as its iPhone sales grew a mere 7%. That slowdown was caused by a cooler market reception for the iPhone 13, which only seemed like an incremental upgrade instead of a crucial one for 5G networks. But it still repurchased $89 billion in shares throughout the year.

Apple's slowdown worsened this year with its sluggish sales of the iPhone 14, which was exacerbated by protests and disruptions at Foxconn's largest iPhone plant in China last November. The strengthening dollar, which was buoyed by rising interest rates, further reduced its overseas revenue. As a result, its revenue and EPS declined 5% and 10% year over year, respectively, in the first quarter of fiscal 2023. Analysts expect its revenue and EPS to both decline 2% for the full year.

That situation seems dire, but Apple was still sitting on $165 billion in cash and marketable securities at the end of the first quarter, so it still has plenty of room for more buybacks, dividend hikes, and acquisitions. It also hosted 935 million paid subscribers across its entire ecosystem -- which gives it a firm foundation for launching new products and services.

Apple's growth will likely accelerate again after it weathers this cyclical slowdown, and it's expected to launch its eagerly anticipated mixed reality glasses in the near future. Therefore, its stock still looks reasonably valued at 25 times forward earnings, and it should continue to outperform the tech sector's more speculative stocks as the bear market drags on.

2. Amazon will survive the macro headwinds

Amazon's revenue rose 22% in 2021. Its e-commerce business benefited from the pandemic and stimulus-induced tailwinds, while its cloud infrastructure services profited from the elevated usage of cloud-based services. Its EPS also increased by 55%. But in 2022, its revenue only rose 9% as it lapped those temporary tailwinds. It also posted a net loss for the full year, mainly due to the shrinking value of its equity stake in the electric vehicle maker Rivian.

This year, Amazon's e-commerce and cloud businesses will both face tough macro headwinds. Its e-commerce sales are cooling off as inflation curbs consumer spending on discretionary goods, while its cloud growth is decelerating as companies rein in spending. As a result, analysts expect its revenue to rise just 8% in 2023. It's expected to return to profitability this year, but that will depend heavily on Rivian's ability to recover from its year of disappointing developments.

Amazon's near-term outlook seems grim, but its growth could quickly accelerate again if the macroeconomic environment improves. It's already locked in more than 200 million paid Prime members worldwide, and Amazon Web Services (AWS) is still the world's largest cloud infrastructure platform. Its margins should also continue to rise as it expands its higher-margin third-party marketplace and tethers more merchants to its advertising businesses. It's also been laying off employees, automating its warehouses, and executing other aggressive cost-cutting efforts to stabilize its operating margins.

Amazon was sitting on $70 billion in cash, cash equivalents, and marketable securities at the end of 2022, which still gives it ample room to expand its e-commerce and cloud businesses with acquisitions. Amazon might not initially seem cheap at 58 times forward earnings, but that multiple could cool off quickly as its profits bounce back. In terms of its top-line growth, its stock looks fairly cheap at less than 2 times this year's sales.

These two Robinhood stocks are worth buying

I'd never tell anyone to buy a meme stock like AMC or GameStop, but I'd easily recommend Apple and Amazon -- which together still account for 13% of my own portfolio -- as long-term investments. These tech giants won't generate multibagger gains anytime soon, but they're both reliable core holdings that can offset the volatility of your riskier investments.