3 Growth Stocks to Buy and Hold Forever

With the S&P 500 already up a blistering 9% this year despite all kinds of economic warnings, it could be time for investors to start becoming fearful.

However, there's no way to know how long the bull market can keep running, and you shouldn't miss out on excellent growth stocks out of fear. Instead, focus on top growth stocks that can withstand short-term pressure and that you could hold forever. I recommend Amazon (NASDAQ: AMZN), Dutch Bros (NYSE: BROS), and MercadoLibre (NASDAQ: MELI).

Image source: Amazon.

1. Amazon

Amazon has become the largest company in the world by sales, and it's still a growth stock. That's a powerful combination that gives shareholders security and growth opportunities.

The security comes from the company's unparalleled global e-commerce business, which is so far ahead of any competition that it couldn't be replaced in the foreseeable future. It's not counting on that alone, though, and it continues to up its game and provide greater value to its millions of shoppers. It now services 2,300 U.S. metro areas with same-day delivery, and it's piloting global areas with deliveries within hours that it plans to replicate in other regions. In other words, it has many levers to press to maintain its dominant position, generating even greater loyalty and higher volume from Prime members.

Although the e-commerce business was strong in the first quarter, with a 12% year-over-year sales increase in online store sales and a 14% increase in third-party sales, artificial intelligence (AI) is providing the major growth right now. It's simply exploding left and right, from the Bedrock AI platform spending increasing 170% consecutively in the first quarter, to the number of developers using the Kiro agent platform doubling from the previous quarter, to its chips business alone growing by triple digits and becoming one of the largest chips businesses in the world on a stand-alone basis.

Amazon Web Services (AWS), where the AI business lives, is accelerating as a result, and sales increased 28% over last year in the quarter. Amazon remains the largest cloud company in the world, with 28% of the market, according to Statista.

Yesterday, it was e-commerce, and today it is AI. I don't know what tomorrow will bring, but Amazon should keep creating shareholder value.

2. Dutch Bros

Dutch Bros is an up-and-coming coffee shop chain that's already leaving an indelible mark on the coffee scene. It has been at the forefront of beverage innovation, including being the first major chain to offer protein coffee and recently developing its Myst refresher energy drinks. It leaned into the cold beverage trend early, and cold drinks represent 90% of its sales.

It continues to expand in multiple ways, starting with its beverages and food menu. It's rolling out food across its franchise, boosting overall engagement and increasing beverage spend. Management is tracking a 4% comparable sales (comps) lift at stores that are offering food. It also recently launched a mobile ordering program, and advance orders increased to 15% of the total in the first quarter.

The results are telling. Revenue growth accelerated to 31% year over year in the first quarter, with an 8.3% increase in comps.

Finally, the most exciting way Dutch Bros is expanding is in its footprint. It has 1,177 stores as of the end of the first quarter, but it's aiming for 2,029 stores by 2029 and 7,000 long-term.

Although it's only in 25 states today, it's well on its way toward becoming a national chain that's imprinting its brand on the American landscape.

3. MercadoLibre

MercadoLibre is an e-commerce and fintech powerhouse in Latin America, and it has incredible long-term potential. It hasn't stopped growing at a rapid pace, with a 46% year-over-year sales increase (currency neutral) in the first quarter, and its region continues to move toward digital adoption, providing it with years of growth opportunities.

It's reporting high increases across metrics and across segments. In e-commerce, gross merchandise volume (GMV) increased 35% over last year in the first quarter, with a 47% increase in items sold and a 26% increase in unique active buyers. Same-day and next-day shipments increased by 39%, and this is a positive cycle that leads to more engagement, higher frequency, purchases across more categories, and increased volume. Since Latin America lags behind other global regions in e-commerce, MercadoLibre is leveraging its powerful platform to effect a shift online and boost its business.

It's a similar story in fintech. Monthly active users increased 29% year over year in the first quarter, and total payment was up 55%. The credit portfolio was up 87%, while assets under management were up 77%.

MercadoLibre has a first-mover's edge in all kinds of digital technology in its markets, and it should be able to report strong performance and create shareholder value for years.

Jennifer Saibil has positions in Dutch Bros and MercadoLibre. The Motley Fool has positions in and recommends Amazon, Dutch Bros, and MercadoLibre. The Motley Fool has a disclosure policy.