John Ballard, The Motley Fool

Fri, Jun 13, 2025, 12:59 AM5 min read

• Momentum continues for Nvidia's data center business as other opportunities emerge for its GPU technology.

• Alphabet stock is trading at its most attractive valuation in a long time.

• 10 stocks we like better than Nvidia ›

Growth stocks can be some of the best tools an investor has to build wealth for retirement. With some of the largest companies in the world in great positions to capitalize on the rising adoption of artificial intelligence (AI), you can put yourself in a solid position to earn excellent returns without taking a chance on unproven start-ups.

Here are two elite growth stocks to buy today and hold for the long term to help you capitalize on AI.

Nvidia (NASDAQ: NVDA) stock has surged close to its previous highs following its latest strong quarterly earnings report in May. In addition to supplying its powerful chips to data centers, the company has adapted its graphics processing unit (GPU) technology for other markets, including automotive, gaming, and professional graphics.

The data center market is the company's largest growth driver right now. Last quarter, its sales to data centers grew 73% year over year to $39 billion, accounting for 88% of its total business. Analysts expect surging demand for Nvidia's new Blackwell chips to boost its full-year revenue to $200 billion.

With data center operators and hyperscalers expected to spend $1 trillion annually on infrastructure by 2029, according to Dell'Oro Group, Nvidia's revenue could grow quite substantially from there. It has been investing in GPU innovation for decades, and as a result, controls the lion's share of the market. In the desktop GPU market alone, its share is estimated to be 92%.

The demand for more advanced AI computing systems isn't slowing down. Nvidia is working with companies worldwide to build AI factories -- new types of data centers designed specifically for AI workloads. Nvidia reported seeing an accelerating deployment of these AI-optimized data centers last quarter.

Nvidia is also positioned to help companies build world-changing products like humanoid robots with its Isaac GR00T N1 robot development platform. In the view of CEO Jensen Huang, general-use robots could become a multitrillion-dollar industry. Nvidia could also benefit from the growth of autonomous vehicles thanks to its DRIVE computing platform. Its automotive revenue grew 72% year over year last quarter to $567 million.

The stock trades at 33 times forward earnings estimates. This is a reasonable forward price-to-earnings multiple for a company that is providing the essential computing hardware for the AI era.