Finding hyper-growth stocks worth buying in this market environment isn’t as easy as it once was. Just a few months ago, any company that mentioned AI on their earnings call got a bump. Today, investors largely want to see any sort of AI investment show some kind of payoff, or ROI, before jumping in.

That said, there are companies out there seeing significant growth tied to AI or other secular tailwinds worth considering. The companies on this list have either seen significant upside from their AI investments or are benefiting from longer-term secular growth trends that aren’t likely to slow materially.

Thus, buying these stocks on the dip could be the right move. Companies known for their rapid potential and expanding revenue have historically outperformed. I don’t expect this dynamic to change any time soon.

ServiceNow (NOW)

ServiceNow (NASDAQ:NOW) recently pulled back from its mid-February peak but is climbing again. This week, NOW stock is down alongside the broader tech market. However, ServiceNow continues to focus on integrating AI into its software suite, aiming to enhance productivity. The stock is consolidating around current levels, with many technical analysts suggesting this stock could have a breakout ahead if market sentiment turns.

That’s a big if. But it’s also true that ServiceNow’s management team appears to be pushing the right buttons to accelerate growth moving forward.

The company announced a partnership with Microsoft (NASDAQ:MSFT) to expand its alliance to integrate the company’s generative AI capabilities, combining ServiceNow’s Now Assist and Microsoft Copilot. This integration enhances employee productivity by enabling seamless interactions with AI assistants across platforms. Now-former ServiceNow President C.J. Desai highlighted the potential in collaborating with Microsoft to improve business operations and productivity through AI innovation.

So, for those who are bullish on AI trends and want exposure to an intelligent workflow automation play, ServiceNow certainly seems like an attractive growth bet right now.

Chipotle Mexican Grill (CMG)

Chipotle Mexican Grill (NYSE:CMG) stands out among restaurant stocks due to its unique menu and culture. Compared to other companies in the market, Chipotle owns over 3,400 locations, marking its unending growth potential. The company’s Q1 2024 revenue reached $2.7 billion, while sales grew 7%. Moreover, a recent 50-for-1 stock split also made shares more accessible to the public, with a $55 tag per share.

Chipotle shares are up 12% thus far in 2024. This performance reflects effective management and growth. The stock’s high price-earnings ratio still remains below its five-year average of 70 times. That indicates strong investor confidence, with many continuing to believe Chipotle’s growth can continue long-term.

Chipotle stock faced setbacks recently, but these dips offered buying opportunities. The recent pullback from June’s peak is another chance to invest, given the company’s strong growth prospects. Although the stock dropped recently, analysts still have a target of $62 for CMG stock. I’m optimistic this quick-service restaurant provider can continue to deliver in the coming years.

Nvidia (NVDA)

Goldman Sachs (NYSE:GS) recently reported that Nvidia (NASDAQ:NVDA) aims to counter AI critics with its Q2 earnings in late August. CFO Colette Kress addressed concerns about the profitability and revenue from Nvidia’s AI chips in comments aimed at investors.

Bank of America (NYSE:BAC) thinks Nvidia’s dominance will continue due to high-performance computing. Therefore, analysts at the firm set an impressive price target of $1,500 for NVDA stock. Indeed, Nvidia is among the best-performing stocks this year despite its recent dip. This is a growth stock that has continued to compound over time, though, at its current valuation, some are right to question if this growth can continue.

In my view, so long as Nvidia continues to smash estimates and provide guidance growth moving forward, this is a stock that could continue to see upside. That said, chips are cyclical and there is plenty of risk for this name. But long-term investors who have bought and held this stock for many years haven’t been disappointed. That’s the value that world-class chip design provides, particularly in this new AI-driven world we all live in.

On the date of publication, Chris MacDonald did not hold (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.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.