Investors have been waiting for a prolonged bull market with bated breath for some time. Despite the volatility that has followed the highs of the early pandemic market, a series of strong market days have propelled shares of many intriguing companies upward. Still, other businesses that are reporting favorable results are being affected by the ongoing turbulence of the market at large.

When the next bull market will appear is anyone's guess, but great businesses with quality growth stories that can propel future growth remain in play. For investors with cash to invest in the current market and hold in great stocks for several years at least, there is no shortage of intriguing businesses to buy. Here are two such companies to consider for your portfolio right now. 

1. Upstart 

Upstart (UPST 2.76%) has served as a prime example of a growth stock that has faced some of the worst investor sentiment over the past year. While the stock is down about 40% over the last month, it is still trading up about 145% from its starting point earlier this year. There have been multiple catalysts behind these sharp movements in its share price.

For one, lending volume, on the whole, is down right now. Consumers may be finding themselves less inclined to apply for loans given the still-elevated state of interest rates, and institutional investors are funding fewer loans because the cost of doing so has risen exponentially in the current environment. Upstart's proprietary software, powered by AI and machine learning, is also approving fewer loans, and approvals are coming with higher interest rates attached.

Revenue is down from last year, and Upstart is not profitable right now. These issues are not attached to Upstart's underlying business model but to the lending environment as it is right now. On a positive note, the company secured multiple rounds of outside funding this past spring to reduce the loans it's been forced to carry on its balance sheet recently, including a purchase agreement valued at up to $4 billion from alternative investment firm Castlelake.  

Upstart is also generating encouraging momentum on other fronts. The company saw its revenue rise 32% sequentially in the second quarter of 2023 to $136 million. Its net loss also shrunk considerably, from $129 million in the first quarter to $28 million in the second quarter. And instead of the negative adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) it reported in the first quarter of this year ($31 million), Upstart actually brought in $11 million on this front in the second quarter.  

Upstart is also automating more of the loans processed on its platform. In fact, 87% of all loan approvals were processed without any human element in the second quarter of 2023. In the same quarter last year, that automation level was at 73%. The company also has 100 banks and credit unions in its lending network now, compared to 71 one year ago and just 10 when it entered the public markets at the end of 2020. 

The fact that more lenders are joining Upstart's network even in the current environment is a testament to the potential of the technology the business is built on. And Upstart is continuing to refine that platform. This momentum could fuel an impressive streak of growth as the lending market recovers over the next few years.

At its current price, a $1,000 investment in Upstart would give you about 30 shares.

2. Pinterest 

Pinterest (PINS 4.04%) has seen shares rise about 22% since the beginning of 2023. While the image-centric platform is known for being a place that users look to as a means of garnering inspiration about everything from home decor to travel, this interface is a clever disguise for Pinterest's underlying business model. 

Pinterest makes most of its money from advertising dollars. It sells ad space to brands and merchants around the world across a wide variety of categories. Pinterest's business model centers on social commerce, a segment of e-commerce that leverages social channels to fuel transactions and capture more customer dollars.

Many of the image and video "pins" on Pinterest are just well-placed ads that allow consumers to click to buy various products and services. The genius aspect of Pinterest's business model is that users already have an incentive to use the platform because of its free and inspiration-driven appeal. When a user logs onto Pinterest, they may just be looking for ideas about a chosen topic of choice, but they will likely encounter multiple ads for products and services that can induce them to carry that intent through to an actual purchase.

Management has said that the long-term goal is to make every "pin" on the platform a shoppable one. In the second quarter earnings call, CEO Bill Ready explained how the company is using artificial intelligence (AI) to fuel this growth story. 

We're utilizing next-gen AI models with our first-party signal to recommend brands and products that are aligned with user preferences, and this is resonating with users. In Q1, we continued to grow the overall distribution of Shuffle pins or products you can take action on, on the home feed. And in Q2, we've expanded this to all of our core surfaces. Users are actively engaging with this content with click-through rates and saves of Shuffle pins growing over 50%, accelerating from the 35% we saw in Q1. 

Ad spending is still down in the current macro environment, and that will take time to recover. Still, Pinterest reported $708 million in revenue in the second quarter of 2023, up 6% year over year. Global monthly active users hit the 465 million mark, up 8% year over year and up about 12% from three years ago.

At its current price, a $1,000 investment in Pinterest would give you about 35 shares.