Growth stocks to buy took quite a hit this year. That might deter investors from placing their bets on them for the long haul. However, growth stocks are tremendous investments for retirement, with the potential to generate massive returns. Making money becomes significantly easier if you have the nerve to invest and hold growth stocks over time.

Growth stocks typically belong to companies growing significantly quicker than the market. Moreover, with growth stocks to buy, it is important to look for companies with strong fundamentals trading at a reasonable price.

While there is no guarantee that these stocks will make you a millionaire by retirement, they are worth considering if you’re looking for ways to build wealth for the future. The earlier you start investing in growth stocks, the more time you have to enjoy compounding, and the higher your chances of making millions.

Growth Stocks to Buy: Autodesk (ADSK)

Autodesk (NASDAQ: ADSK) is a leading software company providing specialized products for building and construction markets. Its innovative technology makes the development and maintenance of buildings, roads, and factories more efficient. ADSK is a classic example of a growth stock generating over 17.5% average growth in the past five years.

Despite the economic slowdown, ADSK has delivered incredible top-line and free-cash-flow performances of late. The firm operates in the construction and manufacturing markets, collectively accounting for $74 billion in its total addressable market. Moreover, with a strengthening moat, it seems that ADSK is likely to achieve its lofty margin expansion targets. Over the long term, it aims to generate 38% to 40% operating margins by 2026, a feat that seems achievable given its stellar track record.

Datadog (DDOG)

Datadog (NASDAQ: DDOG) operates as a software-as-a-service monitoring and security platform, helping customers drive digital transformation, cloud migration, and collaboration among various teams. The company operates on land and expand strategy, expecting customers to increase the usage of its products over time. In addition, the platform provides several features that enable organizations to manage better their cloud applications, including custom dashboards, alerts, and notifications. As organizations continue to move towards digital transformation, Datadog’s platform will become a must-have for them to achieve their goals.

It’s hard to deny its premium valuation, given how it’s grown its topline by over 78% over the past five years on average. Moreover, its sales growth hasn’t slowed down in the current economic climate, pointing to the significance of its platform to various organizations. It sees a whopping TAM of $56 billion by 2025. Its expected sales of over $1.5 billion in 2022 represent just 3% of the total opportunity expected to come in 2025.

Growth Stocks to Buy: Advanced Micro Devices (AMD)

Chip giant Advanced Micro Devices (NASDAQ: AMD) has managed to solidify its market share in multiple segments of the CPU market. The firm has established its name as a leading producer, be it client processors, server processors, or gaming. Moreover, its acquisition of complimentary AMDs such as Xilinx has helped significantly grow its revenue base, positioning it for continued growth in the coming years.

Recent results for AMD have trailed expectations due to weakening PC demand and lower crypto-related GPU sales. However, its management outlook for its upcoming quarter encapsulates these weaknesses, and the worst has been priced into its stock. Despite the challenges, it’s still growing its sales by double-digit margins and expects to continue posting strong growth for the foreseeable future.

Salesforce (CRM)

Salesforce (NYSE: CRM) is the market leader in customer relationship management applications (CRM), with its software being essential to multiple industries. In recent quarters though, its topline growth has been decelerating. CFO Amy Weaver attributed the slowdown to “more measured buying behavior” in the firm’s second-quarter conference call. Nevertheless, Salesforce’s long-term target of reaching $50 billion in revenue by fiscal 2026 is still intact.

Moreover, its stock looks significantly cheap compared to yesteryear, with most of the weakness being priced in already. The company’s long-term bull case remains firmly intact as more companies are expected to migrate their CRM operations to the cloud over the next several years. Moreover, the firm’s incredible cash flow production will continue supporting its lofty shareholder rewards program.

Block (SQ)

Block (NYSE: SQ), formerly known as Square, is a major name in the fintech space with an ecosystem of financial products. Founded by legendary Jack Dorsey (who also founded Twitter), it has grown its popular Cash App at a rapid pace. Its Cash App is a popular way to send and receive payments and offers a suite of other financial services, including banking, trading, and other powerful services. With its robust product ecosystem and growing user base, Block is in for sustained growth ahead.

In the third quarter of 2022, the company beat top and bottom-line growth estimates by healthy margins. This was despite macroeconomic headwinds that negatively impacted Bitcoin prices. However, BTC only contributed $37 million to the $783 million it generated as gross profits during the third quarter. Despite the slowdown in its business, it is likely to grow by double-digit margins for the foreseeable future, in line with the rapid expansion of the fintech space.

Coupang (CPNG)

Founded in 2010, Coupang (NYSE: CPNG) is an eCommerce juggernaut in South Korea. The company is known as the “Amazon” of the region, providing exceptional customer experience along the way. It has dominated the eCommerce market in the region, growing its market share from 7.4% in 2017 to over 30%. Moreover, its expansion into new markets, such as Japan and Singapore, has further increased its market share.

Coupang operates in the fast-growing eCommerce market in South Korea, which is expected to grow by 20% over 2021-2025. Its robust services have helped build a massive customer base of 17.9 million, which continues to increase with each quarter. Moreover, it recently posted its first profit since going public, which is a testament to the quality of its execution.

Growth Stocks to Buy: Alphabet (GOOG,GOOGL)

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is the crème de la crème of the big tech machinery. Its massive ecosystem currently commands nearly 92% of the search engine market, which makes it one of the best growth stocks to buy.

Recent turbulence in the macroeconomic environment has significantly weighed down advertising spending. Nevertheless, Google is likely to grow at a double-digit rate this year as well. It reported better-than-expected results and has the opportunity to chances to strengthen its position in the digital ads market, increasing video content and launching its monetization program for YouTube Shorts in 2023. With multiple catalysts in play, its stock trades at a hefty bargain to its intrinsic value. Its shares offer an incredible entry point for new investors.

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.