The stock market has been ablaze in the past year, fueled by a handful of growth stocks to buy. Over the past year, artificial intelligence (AI) became a key catalyst for the stock market, with growth stocks serving as vehicles to capitalize on this trend. Consequently, the Invesco S&P 500 Pure Growth ETF (NYSEARCA:RPG), which targets the crème de la crème of growth stocks to buy now within the S&P 500, shot up roughly 18% last year. 

However, following the robust rallies last year, it is imperative to tread cautiously now to minimize your downside risk. Nevertheless, growth stocks with solid fundamentals and long-term catalysts remain as relevant as ever. Here are three that perfectly fit the description.

Growth Stocks to Buy Now: Li Auto (LI)

Chinese EV giant Li Auto (NASDAQ:LI) wrapped up another impressive first-quarter (Q1), surpassing its revised guidance to deliver 80,400 vehicles. Also, it surpassed 700,000 cumulative deliveries as of last month, a massive milestone given the slowdown in the EV market. Moreover, in the past month alone, it delivered 28,984 vehicles, representing more than a 39% increase on a year-over-year (YOY) basis. 

However, LI stock finds itself in the red, with it down more than 15% last month. The correction has plenty to do with the company cutting its Q1 guidance by 24% to 77,000 vehicles. Though a cause for concern, Li Auto’s outperforming its revised guidance points to a stronger-than-anticipated demand for its cars. 

Furthermore, it’s important to note that the company is profitable, a rarity in the EV industry. Wall-Street analysts sense the error in investors’ ways, assigning LI stock a ‘strong buy’ rating and expecting a healthy 75% upside potential ahead.

Celsius Holdings (CELH)

There’s not much to criticize about sports beverage giant Celsius Holdings (NASDAQ:CELH) at this point. CELH stock is up over 48% year-to-date (YTD), with its underlying business firing over the past several quarters. It comfortably outperformed analyst estimates across both lines in three of the past four quarters, reporting triple-digit YOY revenue growth in each. 

In its most recent quarter, it generated a whopping $347 million in sales, representing a 95% jump YOY. However, its bottom line was more impressive, which showed a net income of $50.1 billion, shifting from a $21.2 million net loss in the fourth quarter of 2022.

It currently generates the bulk of its domestic sales, but its foray into international markets could add new layers to its growth story in the upcoming quarters. It’s currently in the early stage of its expansion into foreign markets, but given its incredible track record, you wouldn’t want to bet against the business.

Microsoft (MSFT)

Microsoft (NASDAQ:MSFT) stock may seem boring, but its investors are happily banking massive gains over the past year or so. The company has positioned itself as a needle-mover in the AI realm, a move that’s served it incredibly well. In the past year, MSFT stock is up over 50%, surpassing broader market gains by more than 20%. 

As we advance, AI will continue to be a major theme for the company. It has effectively layered AI tech throughout its product lineup, yielding substantial benefits for its business. In a recent article, I talked about how the company has exceeded analyst projections by an average of $1.35 billion over the past four quarters. These bombastic results have everything to do with integrating AI into the company DNA, which will continue yielding incredible gains down the road. Meanwhile, its cloud business continues to fire, while new products such as Microsoft Copilot could generate over $25 billion in additional sales by 2025.

On the date of publication, Muslim Farooque 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.