Growth stocks can be defined as companies that increase their revenue, share prices, cash flow or profits at a faster rate compared to the broader market. Rather than derive income from dividends, investors pick these stocks in an attempt to benefit from capital appreciation over time.

In times of economic expansion, such companies typically outperform their value counterparts. Since the 2008 financial crisis, interest rates were lowered to near-zero rates. Accordingly, the market saw a face-ripping rally, with growth stocks vastly outperforming value stocks and the overall S&P 500 index by a wide margin.

However, that era of ever-expanding stock valuations and low-interest rates has come to an end abruptly. Inflation is close to 40-year highs. And with that, the bond market is pricing in around a 70% chance that the Federal Reserve will increase interest rates to a target range of 2.75% to 3% or greater by the later part of this year.

Investors who are concerned about rate hikes have abandoned growth stocks and have turned to value stocks. This has resulted in the sky-high valuations we’ve seen proliferate come down to earth.

While more downside could be on the horizon, these more attractive levels could set up for explosive growth during the next bull market. Here are three stocks I think have the potential for high growth over the long term, which are worth a buy at these lower levels.

Alphabet (GOOG)

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) features among the most successful tech organizations globally. It is home to one of the world’s most dominant businesses — Google.

This company’s stock price has held up relatively well this year, dropping “only” 20% year-to-date. Many other high-growth tech stocks have seen selloffs far in excess of Alphabets’. That said, with GOOG stock now trading at much more attractive levels, I think this is a great time to consider this top growth stock.

The company’s business model is world-class, and will likely remain so for a very long time. Google dominates the search industry in the U.S., and has carved out a semi-monopoly in this space. While other social media companies appear to be chipping away at market share, over time, Google should remain the go-to option for corporations looking to spend digital advertising dollars.

Thus, I view Alphabet as more of a long-term play on the American economy. As the economy grows, Alphabet should reap the benefits of this growth over time. As a long-term growth stock to buy at more attractive levels, GOOG stock should be near the top of the list for most investors.

Meta Platforms (META)

The parent organization of Facebook and Instagram, Meta Platforms (NASDAQ:META) is the largest social media platform in the world.

This stock has gone from a market darling to a castoff in record time. Last fall, META shares were hitting new all-time highs, and the company’s future was actually looking bright.

Meta faces issues with its core business because its digital advertising business has slowed. Additionally, Meta continues to burn an enormous amount of cash with the company’s metaverse division.

However, for those bullish on the growth prospects the metaverse provides over the very long term, Meta certainly looks compelling right now. Trading around 13-times trailing earnings, META stock now looks more like a value stock than a growth stock. That’s not taking away from the company’s otherwise impressive growth rate, which I think can be maintained for some time.

Qualcomm (QCOM)

Qualcomm (NASDAQ:QCOM) is a company many investors have looked to for growth in recent years. Alongside an absolute breakneck surge in demand for electronics, chip makers such as Qualcomm have seen their results skyrocket.

Indeed, Qualcomm’s recent Q2 earnings highlights this fact well. The company’s revenue shot 41% higher year-over-year to $11.2 billion. This blew away analyst forecasts, by a margin of around $600 million. Net income also beat estimates, surging 68% higher year-over-year. These are the kinds of growth numbers many investors want to see.

However, as it is, the market is a forward-looking mechanism. Following this rapid surge in demand, inflation took off. The Federal Reserve has started hiking interest rates aggressively to rein in on inflation. In doing so, many now believe that what was a supply shortage will turn into a supply glut in chips in short order.

Perhaps. But over the long term, I think the secular catalysts underpinning Qualcomm remain very strong. Accordingly, for investors looking for double-digit growth for many years to come, QCOM stock is an interesting option at these levels. After all, this chip maker is now trading below 10-times trailing earnings. That’s very cheap.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.