The Nasdaq Composite's bear market may not be what it used to be. The tech-heavy index has clawed back about half of its losses from its peak in November 2021. However, there are still deep discounts available on some promising stocks in the tech sector.

Keep reading to see reports from Motley Fool contributors on two tech stocks that look particularly appealing right now.

Down 88% in two years, Roku is ready for revival

Anders Bylund (Roku): Media-streaming technology expert Roku (ROKU 0.15%) is one of the most undervalued stocks on the market right now. Picking up a few shares on the cheap in this long-winded dip should set you up for tremendous wealth-building gains as the ad-supported media market gets back on its feet again.

In a nutshell, the summary above says it all about this stock. But if you want a bit more elaboration on these ideas to help you form a more robust conclusion of your own, you might consider facts like:

  • At $60 per share, Roku's stock price is down 34% over the past year and 88% from the all-time peak of $480 in the summer of 2021.
  • The company collects most of its revenue from ad sales, supplemented by a steady stream of software license royalties and Roku-branded hardware sales.
  • The digital ad market slammed the brakes over the past 18 months, driven by rising inflation and tightened marketing spending. The assumption among traders is: Why buy ads if nobody has the budget to go shopping, right?
  • Inflation is clearing up now. Many signs point to a healthier ad market in the second half of 2023 and beyond. When the global economy finally allows a full-throated recovery, you should see Roku get back to double-digit sales growth in no time flat. Even now, the top line's compound annual growth rate works out to 43% over the past five years.
  • Meanwhile, Roku's quest for global domination of media-streaming platforms continues unabated, with promising gains in places like the U.K. and Brazil.
  • Roku's growth train is ready to leave the station as soon as ad buyers loosen their purse strings again.
  • Until then, you can pick up Roku shares at the modest valuation of 2.6 times sales. That's not only low by Roku's historical standards, but it's affordable even for stocks in the slow-growing value category.

I have doubled down on my Roku position several times over the past year, and it's still the first stock I look at when I have fresh cash to invest. You don't have to follow my lead, but I do recommend taking at least a small stake in Roku's promising and deeply undervalued growth story.

Airbnb: A travel stock ready to take off

Jeremy Bowman (Airbnb): Airbnb (ABNB 1.17%) is the first name in home-sharing, but the fast-growing travel stock left some early investors out in the cold. Shares are down 47% from their peak in early 2021, shortly after its IPO. However, Airbnb looks well-positioned to be a long-term winner for a number of reasons.

First, the stock is affordably valued for its growth potential. Airbnb is chasing a multitrillion-dollar addressable market in travel and related experiences, but the stock trades at a price-to-earnings ratio of 38.6, only modestly more expensive than stalwarts like Coca-Cola or Procter & Gamble.

On an enterprise value-to-free cash flow basis, the stock is even cheaper, trading at a ratio of just 17.4. That underscores one strength of Airbnb's business model. It generates piles of cash.

That's partly because the company collects money from its guests before their bookings take place, but it's also because of Airbnb's asset-light business model. Though the company has more rooms available than any other hotel chain, at around 6 million, it doesn't have to own or operate any of them, meaning it spends almost nothing on capital expenditures.

Airbnb's model of collecting payments upfront also allows it to take advantage of higher interest rates. In the first quarter, the company generated $146 million in interest income, meaning it could easily bring in $600 million, or more, in interest income this year, giving a significant boost to its bottom line.

Finally, Airbnb is also rapidly innovating. It added more than 50 new features in its summer release in May, including total price display, which shows pricing transparently up front, eliminating what seemed to be the biggest complaint about the platform. Over the long term, the company aims to expand its marketplace beyond just travel, leveraging its position as the leader in home-sharing.

Airbnb's growth rate is expected to moderate over the rest of 2023 as it laps the travel recovery last year, but the company still has a huge opportunity in front of it, especially as it grabs market share from hotels and benefits from demand drivers like the spread of remote work.

At its current price and with a huge market opportunity in front of it, the stock looks like a great bet to outperform over the long term.