3 Brilliant Growth Stocks to Buy Now and Hold for the Long Term

For more than a decade now, growth stocks have been the driving force behind the market's run higher. As long as the bull market lasts, that trend is likely to continue.

Let's look at three brilliant growth stocks you might want to consider buying today and holding for the long haul.

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Nvidia

Nvidia (NASDAQ: NVDA) has been the ultimate growth stock, with the company producing crazy revenue growth for a company of its size. Last quarter, it grew its revenue a whopping 62% to $57 billion. That's up more than 3 times from the $18.1 billion in revenue it generated just two years ago.

With artificial intelligence (AI) infrastructure spending continuing to ramp up, the company is one of the best positioned to capture this opportunity. Nvidia's graphics processing units (GPUs) have become the backbone of AI infrastructure, given their robust parallel processing capabilities that can perform many calculations at once. Meanwhile, it's created a wide moat with its CUDA software platform, which has locked in developers through its long-established set of libraries and foundational code that optimize its GPUs for AI workloads.

While competition is heating up with ASICs (application-specific integrated circuits), these pre-programmed chips have higher upfront costs and lack the flexibility of GPUs, which can be reprogrammed. Nvidia's chips are also more readily available, and it has capacity at fabs (chip manufacturing facilities) locked up. This will keep it a long-term winner.

Meta Platforms

Another company seeing strong growth is Meta Platforms (NASDAQ: META), the owner of Facebook and Instagram. Last quarter, it saw revenue growth accelerate to 26% year over year, up from 22% year-over-year growth in Q2 and 16% in Q1.

Meta's growth is powered by AI, which helps keep users on its platform longer by serving them more personalized content they are interested in. At the same time, it's created AI-powered tools that can sharpen user targeting and improve ad creation. Combined, this is leading to more ad slots and better-performing ads, which is driving up prices. Last quarter, Meta saw its number of ad impressions rise by 14%, while ad prices rose by 10%.

The company is investing heavily in AI, so these improvements should only get better over time. Meanwhile, it has just started serving ads on its popular WhatsApp messaging platform and its newest social media site, Threads, which it is continuing to build out. This should help power growth nicely in the future.

Dutch Bros

Stepping outside the tech sector, Dutch Bros (NYSE: BROS) is one of the best growth stories in the consumer space. The coffee shop operator has been growing quickly through a combination of same-store sales growth and store expansion. Last quarter, its revenue climbed 25% year over year to $423.6 million.

While some restaurants have struggled recently to grow their same-store sales, Dutch Bros continues to fire on all cylinders. In Q3, its comparable-restaurant sales rose 5.7% with a 4.7% increase in transactions. The growth is being powered by menu innovation, increased advertising, and the introduction of mobile ordering. Meanwhile, the company is just starting to roll out hot food items to three-quarters of its stores, which should be a big driver.

The most exciting part of the Dutch Bros story, though, is the long runway of expansion it has in front of it. The company has fewer than 1,100 shops, with plans to expand to more than 2,000 shops by 2029 and 7,000 over the long term. The company, which originated in Oregon, is currently in 24 states and has been gradually expanding east. With its stores typically having a small footprint with no indoor seating, they are relatively cheap to build and have quick payback periods.

Between its same-store growth and expansion opportunities, this is a growth stock to own.

Geoffrey Seiler has positions in Dutch Bros. The Motley Fool has positions in and recommends Meta Platforms and Nvidia. The Motley Fool recommends Dutch Bros. The Motley Fool has a disclosure policy.