3 Growth Stocks Down to 2-Month Lows Worth Buying on the Dip

With the latest dip in the tech sector, several top growth stocks have fallen back to lows from two months ago. With nothing fundamentally changing with their long-term stories, this could be a great buying opportunity.

Let's look at three top growth stocks to buy while they are at multi-month lows.

1. Nvidia

Even the king of AI infrastructure, Nvidia (NASDAQ: NVDA), has been caught up in the most recent tech pullback. This recent dip has left it at a very attractive valuation with a forward price-to-earnings ratio (P/E) of below 16 times fiscal 2028 (ending January 2028) analyst estimates. That's for a stock that just grew its revenue 85% last quarter and continues to have strong prospects.

Nvidia and its graphics processing units (GPUs) continue to dominate the market for AI model training, and given its wide CUDA software moat, which is where most initial foundational AI code was written, this is unlikely to change anytime soon. However, what is most exciting is how the company is positioned for the future, basically transforming itself from a simple GPU maker to a complete AI infrastructure player.

Its networking segment has been its fastest growing, while it has also designed its own ARM-based central processing units (CPUs). Its "acquisition" of Groq has allowed it to incorporate its inference chips into its CUDA software. This now allows it to offer complete solutions not only for AI training, but also for emerging areas like inference and agentic AI.

The Nvidia growth story is far from over, making this dip a great buying opportunity.

2. Alphabet

Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) is another top tech stock trading near two-month lows. It recently was under some pressure after losing some AI talent, but this doesn't change the company's long-term story. Alphabet remains the company with the most complete AI stack, having both a world-class foundational AI model in Gemini and top-notch AI chips with its tensor processor units (TPUs).

The company's cloud computing segment, Google Cloud, has been growing rapidly, with revenue surging 63% in Q1 2026. Simultaneously, its core search business has also seen accelerating growth, with revenue in this segment up 19% -- incorporating AI within Google Search has helped drive queries and strong growth.

The company's TPUs help give it a big cost advantage both in training its models and in running inference. It can also help provide higher margins within Google Cloud. And with Anthropic looking to buy some of its TPUs for use outside of Google Cloud, it also gives it another high-margin revenue stream.

With the stock trading at a forward P/E of around 24, now is a great time to buy.

Image source: Getty Images.

3. Amazon

Another tech heavyweight that is trading below where it was two months ago is Amazon (NASDAQ: AMZN). The recent dip has left it with a forward P/E of just 27 times this year's analyst estimates and below 24 times next year's consensus. That is both historically cheap and also significantly below the valuations of its brick-and-mortar peers Costco and Walmart.

Despite the recent dip in its stock price, Amazon has been firing on all cylinders. It's seeing tremendous operating leverage in its e-commerce business as its investments in robotics and AI drive efficiency and cost savings. This led to a 43% increase in operating profit in its North American segment last quarter on a 12% rise in sales. The company's leadership in robotics, where it is the world's largest manufacturer and operator, is an often overlooked part of the company's story.

At the same time, the company has been seeing accelerating revenue growth in its AWS cloud unit, which is its largest segment by profitability. The company's chip business also helps give it a cost advantage, and partnerships with Anthropic and OpenAI should help continue to fuel growth well into the future. That makes this a stock to buy for the long term while it's currently down.

Geoffrey Seiler has positions in Alphabet and Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, Arm Holdings, Costco Wholesale, Nvidia, and Walmart. The Motley Fool has a disclosure policy.