Growth stocks have witnessed a brutal sell-off in 2022 amid the broader market decline triggered by a hawkish Federal Reserve trying to control the surging inflation and macroeconomic headwinds that have given rise to the possibility of a recession in 2023.

This explains why major stock market indices such as the S&P 500 and the Nasdaq Composite are down 18.7% and 30.9%, respectively, from recent highs. However, with the Fed's discussion now reportedly shifting toward how and when to slow the pace of interest rate hikes, the stock market could get a new lease on life as the year draws toward a close.

That's why now is a good time for investors to consider buying some beaten-down growth stocks that could be big winners in the long run. Let's look at two such companies that have been growing at a terrific pace and have the potential to jump 5x in the next five years, turning a $200,000 investment into $1 million.

1. Advanced Micro Devices

Share prices of Advanced Micro Devices (AMD 1.13%) are down nearly 60% in 2022, but they have multiplied investors' wealth significantly over the past five years despite this year's sell-off. A $200,000 investment in AMD stock five years ago is now worth just under $932,000.

The solid stock market gain isn't surprising. AMD's earnings have increased at an annual pace of 91% over the past five years. The chipmaker's multiple catalysts -- data centers, gaming consoles, and client processors -- could ensure such impressive growth over the next five years as well.

The server processor market, for instance, has been the driving force behind AMD's terrific growth in recent quarters. According to AMD's preliminary third-quarter results, its data center revenue shot up 45% year over year to $1.6 billion, indicating that the demand for its Epyc server processors remained healthy.

AMD has generated around $4.4 billion in revenue from the data center business in the first nine months of the year. It could end the year with $6 billion in data center revenue at the current run rate, which means that there's still a lot of opportunity to tap. That's because the server processor market, where AMD holds a share of 13.9%, presents a huge addressable market worth $42 billion.

Given that AMD's share of the server processor market could climb to 35% in the long run, the data center business can continue growing rapidly. Meanwhile, AMD is well-positioned to gain more market share in the client processor market, where Intel has fallen behind on the technology curve. The robust demand for AMD's semi-custom chips that power popular gaming consoles will be another long-term growth driver.

All these tailwinds indicate why AMD's earnings could grow at 25% a year for the next five years, according to consensus estimates. The chipmaker is expected to exit 2022 with $3.61 per share in earnings, which suggests that its bottom line could jump to $11 per share after five years. Multiplying the projected earnings with AMD's five-year average forward earnings multiple of 39 points toward a stock price of $429 after five years, which would be 7x of the current level.

So, AMD has the potential to turn a $200,000 investment into well over a million dollars over the next five years. With the stock currently trading at 14 times forward earnings, which is a nice discount to the five-year average, buying this tech stock looks like a no-brainer.

2. Palo Alto Networks

Cybersecurity specialist Palo Alto Networks (PANW 1.86%) has been a solid performer on the stock market over the past five years, turning a $200,000 investment into more than $650,000 on the back of its impressive growth. The next five years could turn out to be better for Palo Alto investors, as the company's bottom-line growth is anticipated to improve significantly.

Consensus estimates project that Palo Alto's earnings could grow 25% annually for the next five years, an improvement over the 16% annual growth it clocked in the last five. A closer look at its recent results and the opportunity in the cybersecurity space explains why it's expected to step on the gas.

Palo Alto has been growing at an impressive pace, and it's expected to sustain the same in the new fiscal year. The company finished fiscal 2022 (for the 12 months ending July 31, 2022) with a 29% spike in revenue to $5.5 billion. Palo Alto is looking at 25% revenue growth in fiscal 2023 to $6.9 billion, but don't be surprised to see it do better.

That's because it had remaining performance obligations worth $8.2 billion at the end of the previous quarter, a 40% jump over the prior-year period. This metric represents the total number of customer contracts that were unfulfilled at the end of the previous quarter and points toward a solid revenue pipeline.

More importantly, the secular growth opportunity in the cybersecurity market is the reason analysts expect Palo Alto to grow at a stronger pace in the next five years. The company's total addressable market stood at an estimated $74 billion in 2021. Palo Alto expects the same to jump to $110 billion by 2024 thanks to the growing contribution from the cloud and network security markets.

The good part is that the company is setting itself up to make the most of this massive opportunity by bringing more products to the market. It had 49 major new product releases in fiscal 2022, which was a big jump over the 29 new products it released the year before. The combination of stronger cybersecurity spending and Palo Alto's focus on gaining more market share in fast-growing cybersecurity niches explains why its top line is expected to jump substantially in the next couple of fiscal years.

Chart showing estimates for Palo Alto's current and next fiscal year, and 2 fiscal years ahead, rising.

PANW Revenue Estimates for Current Fiscal Year data by YCharts

As the chart above shows, Palo Alto's top line could approach $10 billion by fiscal 2025, translating into a compound annual growth rate of 21% based on its fiscal 2022 revenue. A similar revenue growth rate through fiscal 2027 could help the company clock $14 billion in annual revenue after five years. Multiplying that estimate with Palo Alto's five-year average price-to-sales ratio of 8.5 points toward $119 billion in market cap after five years, a jump of 138% over its current market cap of $49 billion.

Palo Alto looks like a top cybersecurity stock for investors looking for aggressive gains over the next five years, especially considering that it could help turn $200,000 into $1 million like the rapidly growing AMD.