The Nasdaq Composite witnessed a brutal sell-off so far in 2022. The index lost 31% of its value so far as investors decided to dump high-growth companies, in part because the Federal Reserve hiked interest rates to curb the surging inflation. On a positive note, the correction also opened an opportunity for investors to buy some great companies at attractive valuations.

The stocks for electric vehicle (EV) specialist Tesla (TSLA 1.50%) and chipmaker Marvell Technology Group (MRVL -1.59%) are down 38% and 56%, respectively, so far this year. But savvy investors might want to consider accumulating these Nasdaq stocks if the sell-off continues as each company is sitting on terrific catalysts that could supercharge growth in the long run. Let's look at the reasons why these two stocks could double in five years.

1. Tesla is racing ahead in a fast-growing market

Tesla is having a terrible October as the EV maker missed Wall Street's delivery estimates at the beginning of the month. The company produced nearly 366,000 vehicles during the quarter and delivered just over 343,000 units. Analysts, however, were expecting Tesla to deliver just over 359,000 vehicles.

But a higher number of cars in transit was the reason why Tesla's deliveries fell behind expectations. The company pointed out in its press release that the cars in transit "have been ordered and will be delivered to customers upon arrival at their destination." It simply means that the cars that Tesla was supposed to deliver in Q3 will now move into Q4.

So, there's no reason for investors to press the panic button, especially considering the pace at which Tesla's deliveries are growing. Tesla's Q3 deliveries increased 54% year over year. Analysts expect Tesla to finish 2022 with total deliveries of 1.5 million vehicles. That would be an increase of over 50% as compared to its 2021 deliveries of 936,000 vehicles.

The company plans to increase its deliveries at an annual rate of 50% over a multi-year period. This explains why Tesla has been aggressively expanding its capacity and has set an ambitious annual sales target of 20 million cars by the end of the decade. All this indicates why Tesla is expected to sustain its terrific growth momentum in the long run.

TSLA Revenue Estimates for Current Fiscal Year Chart

TSLA Revenue Estimates for Current Fiscal Year data by YCharts

The solid top-line growth should filter down to the bottom line as well. Analysts expect 55% annual earnings growth from Tesla for the next five years. The company should end 2022 with $4.10 per share in earnings. Applying a 55% annual growth rate to this year's projected earnings would translate into a bottom-line EPS of around $36 after five years.

Tesla stock has a forward earnings multiple of 37 right now. Even if we assume the stock is trading at a discounted 25 times forward earnings after five years owing to the rising competition in the EV space, its stock price could hover around $875 at the projected earnings of $36 per share after five years. That would easily double Tesla's current stock price of around $220.

2. Marvell Technology can grow rapidly thanks to multiple catalysts

Marvell Technology stock was battered badly this year, but the drop seems unjustified given its eye-popping growth. The chipmaker's revenue in the first six months of fiscal 2023 increased 55% over the prior-year period. Adjusted earnings increased 73% year over year during the same period.

The company's outstanding growth can be attributed to the data center, networking, and carrier infrastructure markets. These three end markets produced 83% of Marvell's total revenue last quarter, and all of them recorded solid growth over the year-ago period.

Marvell's data center revenue, for instance, was up 48% year over year, and the company anticipates further growth in this business thanks to the healthy demand for the various data center chips it sells. The demand for data center storage, for example, could grow at an annual pace of nearly 27% through 2028. As a result, the demand for Marvell's storage accelerators that help in the deployment of solid-state drives and hard-disk drives in data centers should continue to remain robust.

The company also sells data processing units, which is another fast-growing niche within the data center chip market. Meanwhile, the deployment of 5G networks is turning out to be another big growth driver for Marvell. CEO Matt Murphy remarked on the company's August earnings conference call that he sees an "extended period of growth for our 5G business with multiple regions such as Europe and India yet to launch 5G in a meaningful fashion." He continued, "We expect to see further growth in other large geographies such as the U.S., which are only in their first year of mainstream deployment."

Such impressive growth drivers are the reasons why Marvell's revenue growth is expected to remain strong in the next few years.

MRVL Revenue Estimates for Current Fiscal Year Chart

MRVL Revenue Estimates for Current Fiscal Year data by YCharts

What's more, analysts anticipate 42% annual earnings growth from Marvell for the next five years. The company is expected to finish the current fiscal year with earnings of $2.29 per share. The projected earnings growth rate points toward a bottom line of $13.22 per share after five years. The stock is currently trading at 13 times forward earnings, and a similar multiple after five years would translate into a stock price of $169, which would be well higher than the current level of $38.

So, Marvell Technology could turn out to be a top semiconductor stock in the long run, and investors may want to start accumulating it following its sharp decline in 2022.