While investors have been captivated by artificial intelligence (AI) stocks this year given their surging gains, it's important to remember there are still great opportunities in other areas of the market. After all, earning a quick 196% return with Nvidia in the first six months of 2023 is fantastic, but it's certainly not typical, and it's very hard to replicate.

Investors should always prioritize buying into good businesses with proven track records, and try to avoid chasing short-term market frenzies. With that in mind, they might have to venture off the beaten path to find the most enticing opportunities. Here are two stocks that could be flying under your radar right now. 

1. Liberty Media Formula One: Start your engines

The Formula 1 (F1) motor racing series officially started in 1950, and the business side of the sport has evolved dramatically since then. Thanks to advancements in travel and logistics, F1 went from a European sport to a global sport, which now visits the Middle East, Asia, Europe, and the Americas every single year.

F1 was acquired by Liberty SiriusXM Group in 2016, which has used its experience in entertainment and media to supercharge the sport's growth.

Liberty owns several assets, so it offers three specific listed securities to give investors exposure only to F1: Liberty Media Formula One (FWON.A 0.39%) (FWON.B 2.55%) (FWON.K 0.72%) -- they're Class A, B, and C shares, respectively, and I'll tell you which class you'll want to own in a moment.

Each race weekend, 20 drivers from 10 teams take to the starting grid. They're supported by some of the largest automotive manufacturers in the world, like Mercedes-Benz and Ferrari, with new entrants like Volkswagen's Audi and Ford joining the fun in 2026. 

F1 started with six races in 1950, and was scheduled for a record-high 23 in 2023 thanks to Liberty's expansion initiatives (although flooding in Italy caused a race earlier this season to be canceled). The group added a wildly successful race in Miami last year, and the sport will visit Las Vegas this year. In 2024, the calendar will grow to 24 races with the return of the Chinese Grand Prix, which has been absent for the last few years due to COVID restrictions.

More races mean more opportunities to sell tickets, broadcast rights, and sponsorships. F1 generated $1.78 billion in 2017, which was Liberty's first full year at the helm, and Wall Street analysts think that number will top $3.3 billion in 2023, mainly thanks to the Vegas event, which is expected to bring in $500 million in revenue on its own.

The U.S. could be F1's biggest financial opportunity ever, and in the first quarter of 2023 (ended March 31), the sport had 43% more American social media followers than it did a year ago, which highlights surging engagement among the fan base.

It's no surprise that Liberty Media Formula One shares are trading near an all-time high. As I mentioned, there are three classes available, but the C shares (FWON.K) might be best suited to regular investors. They directly track the performance of the F1 sport, without voting rights attached, so investors won't have to involve themselves in the affairs of the company. 

2. Interactive Brokers: Rising interest rates are good for business

Investors have battled a wave of volatility in the stock market over the last three years. The Nasdaq-100 technology index set new all-time highs in 2021, plunged 33% in 2022, and then rocketed 40% higher in the first six months of 2023.

But that's good news for one company: Interactive Brokers Group (IBKR -1.01%). The more trading activity flowing through the markets, the more revenue Interactive generates, so it's no surprise its stock is trading close to an all-time high.

And the company has a second tailwind right now: rising interest rates. It earns interest income on the cash its clients have in its custody, and it also earns interest when it lends money to clients to purchase stocks and other financial securities.

In the first quarter of 2023 (ended March 31), Interactive Brokers' net interest margin was 2.24%, up from 1.10% a year ago. That's the difference between the rate at which the company borrows money, and the rate at which it then lends that money to customers.

But there was a surge in the rate it earns on its customers' cash deposits; it was just 0.07% in the first quarter of 2022, but it was a whopping 4.10% in the first quarter of 2023. That translated to $603 million in revenue, up from just $7 million. Similarly, the amount of revenue it earned on loans more than tripled year over year.

Given that brokering is a capital-light business, rapid increases in revenue tend to flow directly through to the bottom line as profit. As a result, first-quarter earnings per share soared by 91% to $1.42. 

Interactive Brokers had 2.2 million customers at the end of the first quarter, which was up 21% year over year, and is also a record high. Stock market volatility tends to garner media attention, which brings new investors into the fold, and more customers for the company will translate to more commissions and more interest income over time. 

With interest rates expected to remain elevated for at least the remainder of this year, Interactive Brokers is likely to continue experiencing strong growth in revenue and earnings, and that alone makes it a sensible buy in a market dominated by AI frenzy.