With the S&P 500 near its all-time highs, it might seem tough for value-seeking investors to find any real bargains. But if we take a closer look, we can still find a lot of unloved stocks that trade at discounts to their growth potential.

Some of these stocks are at low valuations because they face some near-term challenges, so they might not justify massive investments yet. But if you have $2,000 to spare, you might consider investing in these two value stocks: the AI server maker Super Micro Computer (SMCI 13.32%) -- also known as Supermicro -- and the ride-hailing underdog Lyft (LYFT -0.30%).

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Super Micro Computer

Super Micro Computer's stock declined nearly 70% since it closed at its all-time high of $118.81 per share on March 13, 2024. The server maker's stock crashed after a prolific short-seller accused it of inflating its revenue, it delayed its 10-K filing for fiscal 2024 (which ended last June), and it was dropped by its auditor Ernst & Young.

Its financial documents were also subpoenaed by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) in late December.

All of those challenges could cause Supermicro's stock to be delisted. But over the past three months, management appointed a new independent auditor, submitted a compliance plan to Nasdaq to avoid a potential delisting, and said it would file its 10-K report by Feb. 25. That filing could convince the DOJ and SEC to back off.

If Supermicro achieves those goals, its stock could be ridiculously undervalued relative to its growth potential. It's still one of the market's leading producers of dedicated AI servers, and it expects its revenue to rise anywhere from 57% to 67% in fiscal 2025.

For fiscal 2026, it expects its revenue to grow 65% from that midpoint to $40 billion as it receives more shipments of Nvidia's newest Blackwell GPUs. Analysts expect its earnings per share (EPS) to grow 17% in fiscal 2025 and rise another 54% in fiscal 2026.

That's stellar growth for a stock trading at just 11 times next year's earnings. Supermicro isn't out of the woods yet, but it could jump after resolving its regulatory issues. Therefore, it might deserve a modest $2,000 investment.

Lyft

Lyft's stock dropped more than 80% since it closed at its all-time high of $78.29 on March 29, 2019. The underdog ride-hailing provider's sales slowed throughout the pandemic, and it experienced a sluggish recovery over the following years.

But in 2024, Lyft finally exceeded its pre-pandemic peak of 22.9 million active riders. That figure hit an all-time high of 24.7 million by the end of the year, driven by the expansion of its Lyft Pass service for businesses; the relaunch of its Lyft Pink membership program; the rollout of its Women+ Connect feature (which matches female and nonbinary riders with female and nonbinary drivers); and Price Lock, a subscription-based service that locks in prices to set destinations. Its partnership with DoorDash adds food delivery options to its platform.

Lyft also raised its incentives for its drivers while expanding its autonomous robotaxi program to resolve its driver shortages and control its long-term costs. To squeeze more passive revenue from each ride, it expanded Lyft Media, which streams media content and ads across its mobile app and in-car tablets.

All of those moves should stabilize its business. For 2025, analysts expect revenue and adjusted EPS to grow 13% and 14%, respectively. Its stock still looks cheap at 16 times forward earnings, and it could head higher over the next few years.