When the curtain eventually closes on 2022, it'll undoubtedly go down as one of the most challenging years for investors in decades. The S&P 500, which is often looked to as the best gauge of the stock market's health, delivered its worst first-half return since 1970 and has plunged as much as 26% from its all-time high, set in January.

Things have been even worse for the technology stock-driven Nasdaq Composite (^IXIC 0.12%). The index responsible for leading the broader market to new highs has plummeted as much as 34%, through Oct. 10, 2022. That places the Nasdaq firmly in the grips of a bear market.

A snarling bear set in front of a plunging stock chart.

Image source: Getty Images.

But there's good news amid this chaos. Historically, every double-digit percentage decline in the major U.S. stock indexes, including the Nasdaq, has eventually been placed in the rearview mirror by a bull market rally. This makes every bear market a surefire buying opportunity for patient investors.

It's an especially smart time to consider buying some of the beaten-down growth stocks whose innovations will be shaping the future. What follows are five colossal growth stocks you'll regret not buying during the Nasdaq bear market dip.

Visa

The first spectacular growth stock that'll have investors kicking themselves if they don't buy it on the Nasdaq bear market dip is payment processor Visa (V -0.20%). Although Visa is cyclical and all signs point to U.S. and global growth slowing, this is a company that has both numbers and competitive advantages on its side.

Though cyclical stocks like Visa are prone to weakness when consumer and enterprise spending slows, it's important to recognize that periods of contraction don't last very long. Comparatively, economic expansions are almost always measured in years. Buying and holding a payment powerhouse like Visa allows long-term investors to take advantage of disproportionately long periods of expansion.

Opportunities abound domestically and abroad for Visa. This is a company that controlled 54% of credit card network purchasing volume in the U.S. in 2020 -- the U.S. is the world's leading market for consumption. It also has the capacity to organically or acquisitively expand its payment network into underbanked regions of the world. Since most global transactions are still being conducted with cash, Visa has a growth runway that could conservatively span decades.

Another reason for Visa's success is the fiscal prudence of its management team. Visa strictly acts as a payment processor and avoids lending. In doing so, it sidesteps the loan delinquencies and inevitable charge-offs that crop up during economic contractions and recessions. Not having to set aside capital is a big advantage that helps Visa bounce back from recessions faster than most financial stocks.

Broadcom

Semiconductor solutions specialist Broadcom (AVGO 3.34%) is the second superb growth stock you'll regret not buying as the Nasdaq plunges. Though semiconductor stocks are contending with the fears of a cyclical downturn, Broadcom has catalysts in place that should lessen this short-term pain.

For instance, Broadcom's biggest catalyst, the 5G revolution, should be fairly insulated from a possible recession. It's been about a decade since telecom companies dramatically improved wireless download speeds. Given that wireless/smartphone access has practically evolved into a basic necessity, we should witness an ongoing device replacement cycle through mid-decade. That's great news for Broadcom, which generates most of its revenue from the wireless chips and accessories found in next-generation smartphones.

Additionally, Broadcom can benefit from its ancillary sales channels. In the wake of the COVID-19 pandemic, businesses have been moving their data online and into the cloud at an accelerated pace. Broadcom is a supplier of connectivity and access chips used in data centers. The more data that moves into the cloud, the more demand there is for connectivity and access chips.

Broadcom also ended 2021 with a historically high backlog of $14.9 billion. These orders should buffer its operating cash flow in the event the U.S. or global economy skids into a recession.

A surgeon holding a one dollar bill with surgical forceps in an operating room.

Image source: Getty Images.

Intuitive Surgical

The third colossal growth stock begging to be bought during the Nasdaq bear market dip is robotic-assisted surgical systems developer Intuitive Surgical (ISRG 0.68%). While Intuitive Surgical has seen some optional surgical procedures get postponed as a result of the COVID-19 pandemic, the company's market share and operating model make it a no-brainer buy.

Through the midpoint of 2022, Intuitive Surgical had installed 7,135 of its da Vinci surgical systems in hospitals and surgical centers worldwide. This might not sound like a particularly large number, but it's far and away more than any of its competitors.

To build on this point, these da Vinci systems are pricey -- often $0.5 million to $2.5 million. Taking into account the cost to buy these systems and the time-consuming training given to surgeons who use them, hospitals and surgical centers are highly unlikely to switch to a competitor once the da Vinci system has been purchased.

But the best thing about Intuitive Surgical just might be its razor-and-blades operating model. The "razor-and-blades" model gets a customer hooked with a generally lower-margin product (the razor) that uses high-margin replacement parts (the blades). In Intuitive Surgical's case, its da Vinci surgical systems are the razor, and the instruments sold with each procedure, along with the servicing done on these systems, are the blades. As more da Vinci systems are installed, the revenue pendulum swings ever more toward the company's higher-margin channels.

Okta

A fourth supercharged growth stock that you'll regret not adding on the Nasdaq bear market dip is cybersecurity company Okta (OKTA 1.72%). Despite Okta's bottom-line results failing to impress Wall Street, the company's long-term catalysts remain unchanged.

On a macro basis, cybersecurity has become a basic necessity service for businesses of all sizes. No matter how well or poorly the stock market or U.S. economy perform, robots and hackers are always going to try to steal sensitive data. Having software in place to protect all facets of that data has become paramount.

What makes Okta so special is the company's cloud-native identity verification platform. Okta is reliant on machine-learning software to become more efficient at recognizing and responding to potential threats. With a cloud-native platform that should be superior to on-premises identity verification solutions, Okta looks to gobble up its piece of what it deems to be an $80 billion addressable market. 

Perhaps the biggest game-changer for Okta is its $6.5 billion acquisition of Auth0, which closed last year. Although integration snafus and combination-related expenses have widened Okta's losses over the past couple of quarters, the purchase of Auth0 more importantly broadens the company's reach to international markets. Furthermore, it expands Okta's potential pool of customers and fosters more cross-selling opportunities.

Amazon

The fifth colossal growth stock you'll regret not buying on the Nasdaq bear market dip is none other than FAANG stock Amazon (AMZN -0.09%). Despite concerns that a weaker U.S. and global economy could weigh on the company's online sales, the operating segments that really matter for Amazon continue to fire on all cylinders.

Most people are familiar with Amazon because of its dominant online marketplace. According to a March 2022 report from eMarketer, Amazon should account for 39.5% of all U.S. online retail sales this year. But even though retail sales make up the bulk of Amazon's revenue, online retail is a low-margin segment. The true key to Amazon's growth is its higher-margin operating segments.

For instance, the popularity of Amazon's marketplace helped the company sign up more than 200 million Prime members globally, as of April 2021. This figure has likely moved a lot higher, especially with Amazon gaining the exclusive rights to Thursday Night Football. Subscription services have grown into a $35 billion annual run-rate segment for the company. 

What's more, Amazon Web Services (AWS) is the world's top cloud infrastructure service provider.  Cloud-service margins are considerably higher than online retail margins, and cloud-service growth is still in its very early innings. Despite accounting for only a sixth of Amazon's net sales, AWS regularly produces half or more of the company's operating income.

AWS, subscription services, and even advertising services are the keys to tripling Amazon's operating cash flow over the next four years.