Stock Market

The current bull market is ablaze with money to be made right now.

After a brutal decline in 2022, stocks have come roaring back in the last eight months, led by a resurgence in technology stocks. In 2023, the Nasdaq is already up an incredible 40%, while the benchmark S&P 500 has gained 20%. The bulls are firmly in control once again.

Yet even with this year’s strong run, many stocks remain below their all-time highs. They’re only just beginning to recover from the terrible declines suffered last year as the U.S. Federal Reserve steadily raised interest rates to lower inflation. Also, this year’s rally has been concentrated in a handful of tech stocks.

Many well-known and excellent companies have stocks that remain undervalued. It’s not too late for investors to grab shares and ride them to long-term wealth. Here are three growth stocks to buy to turn $10,000 into $1 million.

Apple (AAPL)

Source: Eric Broder Van Dyke / Shutterstock.com

Apple’s (NASDAQ:AAPL) stock has a lot of momentum pushing it forward. The consumer electronics giant’s share price is currently sitting at an all-time high on a split-adjusted basis of just under $200.

And Apple is currently the only publicly traded company with a $3 trillion market capitalization, making it the most valuable concern in the world. The company is riding high on a number of catalysts, including continued strong demand for its signature iPhone, as well as the launch of a new augmented reality headset.

Now word comes that Apple is developing its own version of artificial intelligence sensation ChatGPT. According to multiple media reports, Apple is hard at work creating its own AI large language model internally. AAPL engineers refer to the AI project as “machine learning,” a concept which originated in the 1940s but debuted in the 1950s. It was the originator of AI.

Apple tech experts engineers already have a prototype chatbot that employees refer to as “Apple GPT.” The company plans to integrate the technology into future products and devices. AAPL stock is up 56% this year with no signs of slowing down.

 Advanced Micro Devices (AMD)

Source: JHVEPhoto / Shutterstock.com

If there’s one segment of the tech sector that is red hot right now, it is semiconductors. Advanced Micro Devices (NASDAQ:AMD) is gaining ground  in the space.

Fueled by the hype surrounding AI, the share price of AMD has increased 82% this year. In the last five years, AMD stock has gained 605%, making it one of the best performing tech stocks around. Yet even with the mammoth run, AMD shares look like they can keep rising.

With demand for microchips and semiconductors expected to grow exponentially in coming years, the possibilities are endless for AMD stock. In June of this year, AMD introduced its generative AI chip called the “MI300X.” The company claims that the chip is the most advanced accelerator for generative AI applications.

Plans are in the works for it to power Microsoft’s (NASDAQ:MSFT) Azure virtual machines. AMD chips also power most video game consoles, including the latest versions of the Xbox and PlayStation. Additionally, AMD continues to take market share away from rival chipmaker Intel (NASDAQ:INTC) in the data center market.

Chipotle (CMG)

Source: Joshua Resnick / Shutterstock.com

Not all of the growth is in tech. What about  Chipotle (NYSE:CMG)? The popular Mexican quick service restaurant chain has seen its stock takeoff like a tech security this year. Since January, CMG stock has risen 56%, bringing its five year gains to 376%.

Thirty years after it was founded, Chipotle remains in full growth mode, recently announcing plans to expand to the Middle East for the first time. Chipotle currently has 3,200 outlets in the U.S. with just over 50 locations in Canada and Europe. Plenty of room is out there for further international expansion.

Robust earnings have helped make CMG stock a constant outperformer and one of the top restaurant stocks to own. For this year’s Q1, Chipotle reported that its same-store sales rose 11%, even as its menu prices rose an average of 10% from a year earlier. This suggests that consumers can’t get enough of Chipotle, remaining loyal even when prices rise, due to impacts of inflation. CMG stock continues to be a high-growth investment.

On the date of publication, Joel Baglole held long positions in AAPL and MSFT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

Articles You May Like

Only Ride Marathon Digital Stock’s ‘Ups’ If You Can Handle the ‘Downs’
7 Gold Stocks to Buy as the Fear Trade Kicks into High Gear
Is Palantir Stock’s AI-Fueled Rally a Sustainable Surge or Short-Lived Hype?
3 AI Data Center Stocks That Are About to Go Parabolic
Election Year Encore: Can 2020’s Top 7 Stock Winners Repeat Their Performance in 2024?