If you’re looking for growth stocks with huge gains for your next investment, there’s really no need to mess around. You want to find the biggest and best names in the market that have a track record in recent quarters of providing extraordinary growth.

While investors like Warren Buffett lean toward value stocks – a stock that is fundamentally cheap based on ratios like price-to-earnings or price-to-book, – growth stocks are more about the end result. Some of the names on this list have crazy fundamentals, but they that’s only because their returns are so strong. Growth stocks are those that are growing or expected to grow at an above-average rate compared to other companies in the market or the overall economy.

These companies are hyper-focused on expanding their businesses, reinvesting earnings into expanding operations or developing new products.  Growth stocks with huge gains can help investors build wealth over the long term.

We’re using the Portfolio Grader to identify the best candidates for growth in the market today. And here’s a spoiler alert – you’ve surely heard of many of the high-profile names on this list.

Nvidia (NVDA)

I’ve written about Nvidia (NASDAQ:NVDA) a lot in the last few months, and I’m going to continue to beat the drum for this dynamic growth stock. Nvidia is one of the best names you can buy because of its unique position in the semiconductor industry and its key role in fueling the growth of generative artificial intelligence applications.

Nvidia manufactures about 90% of the most powerful graphics processing units (GPUs) that are used in generative AI. That’s led to the company soaring in valuation and market capitalization – Nvidia is now the third-most valuable company in the world, with a market cap above $2.1 trillion.

Now Nvidia is going to be even better. It’s replacing the H100 processors currently in use with Blackwell processors that will be four times as powerful as H100 processors.

One thing to note – NVDA stock is actually down about 6% in the last month because some investors are worried that sales will temporarily falter if customers hold off on new purchases while they wait for the Blackwell processors to go on the market. And maybe that will happen. But I’m taking this brief break as a buying opportunity because I’m convinced that Nvidia has a lot more growth left in it.

NVDA stock remains up 70% this year and more than 200% higher than a year ago. It gets an “A” rating for growth and an overall “A” rating in the Portfolio Grader.

Advanced Micro Devices (AMD)

Advanced Micro Devices (NASDAQ:AMD) is Nvidia’s top competitor. Truthfully, AMD was left in the dust in 2023 as Nvidia sales skyrocketed. But now AMD is in a position to begin providing an alternative to Nvidia’s chips. And it has a definite advantage in the personal computer market as well.

AMD is expected to generate $3.5 billion in revenue this year from its Mi300 GPU accelerator. AMD also provides AI-compatible central processing units (CPUs) for the PC market, where it still has a competitive advantage.

Analysts at Baird expect “comfortable upside” to AMD this year and reiterated its “outperform” rating while setting a $200 price target. That’s a healthy target, particularly since AMD is affected by Beijing’s recently announced plan to phase out the use of AMD chips from government PCs and servers. AMD gets about 15% of its revenue from mainland China, so the news impacted AMD stock.

But I’m still confident. AMD is too strong a growth play to ignore here. The stock is up 70% in the last year and gets a “B” grade for growth and an overall “B” rating in the Portfolio Grader.

Palantir Technologies (PLTR)

Palantir Technologies (NASDAQ:PLTR) is another name that’s been on my radar screen in recent months. The company made its mark by using AI to provide real-time analysis and suggestions to the U.S. military and intelligence agencies.

But in recent quarters, Palantir is growing the business on the commercial side – and that’s where the real growth will be. Revenue from commercial clients grew by 32% in the fourth quarter from a year ago, reaching $284 million. By contrast, Palantir’s signature military revenue was $324 million but grew only 5%. 

Palantir also has a software deal with Oracle (NYSE:ORCL) that will make some of its products, including AI software, deployable on Oracle’s platform.

TheStreet Pro analyst Bruce Kamich has a $48 price target on PLTR stock, which would be a 125% increase from today’s prices. I think it’s certainly achievable. PLTR stock is up 142% in the last 12 months and gets a “B” rating for growth and a “B” overall rating in the Portfolio Grader.

Microsoft (MSFT)

Microsoft (NASDAQ:MSFT) was one of the companies that first brought generative AI into the public arena. It was a gamechanger when OpenAI rolled out ChatGPT in late 2022, and Microsoft, with a 49% stake in the company, had a lot to do with that development. Microsoft already uses OpenAI in many of its products.

But Microsoft isn’t finished yet – not by a long shot. It’s building a new AI hub in London that is expected to  “drive pioneering work to advance state-of-the-art language models and their supporting infrastructure, and to create world-class tooling for foundation models.”

And here’s something else to consider: Wedbush Securities analyst Dan Ives says that generative AI is giving Microsoft an “iPhone moment.” Think about that for a moment. Apple (NASDAQ:AAPL) changed the world when it unveiled the iPhone which was the first mass-marketed smartphone. And it changed the trajectory of Apple stock for decades.

If generative AI is truly Microsoft’s “iPhone moment,” the Microsoft could be seeing a long period of sustained growth.

MSFT stock is up 43% in the last year. It gets a “B” rating for growth and a “B” overall rating in the Portfolio Grader.

SoundHound (SOUN)

SoundHound (NASDAQ:SOUN) is another company that is using AI to its advantage. The company utilizes AI for voice recognition products, such as one geared toward vehicle owners that lets them access their owners’ manual and ask questions about vehicle features.

Employee Assist is another great SoundHound product that provides audio instructions to an employee who makes a verbal request about job functions.

The stock took off in a big way in mid-February when Nvidia disclosed an ownership position in the company. And even though the stock has pulled back in recent weeks to less than $5 per share, the partnership with Nvidia and SoundHound is too appealing for me to ignore.

SoundHound is also planning to sell as much as $150 million in new shares – an announcement that contributed to the stock’s recent slide, but I see as a sign that the company is one of the most compelling growth stocks with huge gains.

SOUN stock remains up 80% in 2024. It gets an “A” rating for growth and a “B” overall rating in the Portfolio Grader.

Alphabet (GOOG)

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is one of the most important companies in the world. It more than dominates the internet search market. In fact, it has a near monopoly, with a 95% market share for its Google search engine. That gives Alphabet an unmatched profit center for its advertising business.

And remember, Alphabet is a lot more than just Google. The company operates YouTube, Waze, Nest, Fitbit and more.

But one place where Alphabet has not made waves is with AI – at least, until very recently. GOOG stock jumped higher this month on a flurry of AI developments that are long overdue for a company as revolutionary as Alphabet. It’s creating in-house designed data center CPUs, launching a new AI-powered text-to-video application, and its introducing AI-powered add-ons to its subscription-based software products.

Alphabet will report quarterly earnings in late April. And even if there are short-term headwinds, I’m confident in GOOG stock as a long-term growth play.

GOOG is up 48% in the last year. It gets a “B” rating for growth and a “B” overall rating in the Portfolio Grader.

Meta Platforms (META)

Few companies have the reach as Meta Platforms (NASDAQ:META). The parent company of Facebook, Instagram, Threads, Messenger and WhatsApp counts 3.98 billion people as monthly active users.

That enormous audience makes Meta an extremely attractive advertising platform, which is why Meta is working on harnessing the power of AI and machine learning to optimize its advertising offerings. Meta also unveiled its latest in-house artificial intelligence accelerator chip.

Analysts are reiterating “buy” or equivalent to “buy” ratings on shares and raising their quarterly earnings forecasts for META stock, which will issue its next quarterly earnings report on April 24.

If Meta beats those expectations, it could be an extremely good day for shareholders, which makes it one of the best growth stocks with huge gains.

META stock is up 129% in the last year and 41% in 2024. It gets an “A” rating for growth and an “A” overall rating in the Portfolio Grader.

On the date of publication, Louis Navellier had a long position in NVDA, PLTR and MSFT. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.

The InvestorPlace Research Staff member primarily responsible for this article had a long position in NVDA, PLTR and AAPL. The staff member did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.