Astute investors and market pundits were expecting the stock market returns to take a beating this year primarily due to the Federal Reserve’s aggressive monetary tightening measures to tackle stubbornly high inflation.

The consensus was that persistent interest rate hikes would lead to an economic slump, dragging stocks down. An array of regional bank failures had further heightened concerns about economic growth.

However, the economy is still chugging along, with the broader S&P 500 index well-poised to register its best half year in nearly two decades. This is because strength in the labor market overshadowed all kinds of headwinds, including the debt ceiling crisis.

But it’s also true that big techs dominated the S&P 500’s rally for most of the year, thanks to the unprecedented progress in the field of artificial intelligence (AI).

Driven by the AI frenzy, some of the notable S&P 500-listed tech titans such as NVIDIA Corporation (NVDA Quick QuoteNVDA - Free Report) , Tesla Inc (TSLA Quick QuoteTSLA - Free Report) , Amazon.com, Inc (AMZN Quick QuoteAMZN - Free Report) and Apple Inc (AAPL Quick QuoteAAPL - Free Report) saw their shares soar 181.4%, 108%, 53.6% and 45.7%, individually, so far this year, while the S&P 500 Index surged 9.6% in the same period.

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Having said that, interestingly, two of the best-performing stocks listed on the S&P 500 have nothing to do with the AI boom, nor are they part of any revolutionary technologies such as self-driving cars. They are well-known for ferrying people across the globe on cruise ships.

These cruise line stocks are Royal Caribbean Cruises Ltd. (RCL Quick QuoteRCL - Free Report) and Carnival Corporation & plc (CCL Quick QuoteCCL - Free Report) , and their shares have surged 108.6% and 114.5%, respectively, in the year-to-date period.

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These cruise liners were among the hardest hit during the outbreak of the coronavirus that led to several travel restrictions. Their businesses became soft in the last two years, but with pent-up demand and travel curbs being lifted this year, Royal Caribbean and Carnival racked up solid gains. What’s more, their shares still trade below pre-pandemic levels, indicating more upside soon.

Thanks to an uptick in both onboard sales and tickets, Royal Caribbean’s revenues almost tripled in the first quarter of this year compared to the same period last year. The company swung from an operating loss to a profit in the first quarter and at present has high expectations for its full-year growth.

Royal Caribbean’s expected earnings growth rate for the current year is a whopping 162.9%. The company’s estimated earnings growth rate for next year is also a superb 44.9%.

Notably, the company’s projected revenue growth rates for the current and next years are 48.7% and 13.3%, respectively.

The Zacks Consensus Estimate for RCL’s current-year earnings has moved up 44.8% over the past 60 days. Royal Caribbean has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Similarly, Carnival saw its revenues jump during the first half of this year as passenger booking for upcoming trips skyrocketed. Carnival notched an operating profit during the first six months of this year, in contrast to the operating loss it booked over the same period in 2022.

Carnival’s expected earnings growth rate for the current year is a remarkable 94%. The company’s estimated earnings growth rate for the next year is also a staggering 407.1%.

At the same time, the company’s projected revenue growth rates for the current and next years are 72.7% and 10.1%, respectively.

The Zacks Consensus Estimate for CCL’s current-year earnings has moved up 3.5% over the past 60 days. Royal Caribbean has a Zacks Rank #3 (Hold).