Tired of watching your money sit idly by in a low-interest savings account? You can take advantage of the current economic climate and invest in low-priced growth stocks.

As the economy continues to recover from the inflation and federal interest rate crises of 2022, many growth stocks are spring-loaded and set to soar. The companies below come from the recently volatile semiconductor industry. They have strong financial platforms and are expected to see significant growth in their revenue and earnings for the foreseeable future.

Read on to see why Nvidia (NVDA 1.20%), NXP Semiconductors (NXPI -2.72%), and Monolithic Power Systems (MPWR -1.81%) look like great stock to buy today with a fistful of less than $1,000. If fact, you could buy one or more shares of all three companies before exhausting that hypothetical budget.

1. Nvidia

Once upon a time, Nvidia made nothing but graphics processing units (GPUs) -- the chips at the heart of the graphics cards in your PC and video game console. The company has evolved dramatically in recent years, applying its number-crunching processor expertise to new markets such as data analytics, artificial intelligence systems, and self-driving vehicles.

As you can see, this company has chosen to focus on some of the hottest growth markets on the table today. Nvidia is far from alone in chasing these high-octane opportunities, but it's an early leader in many cases and building a long-term foothold as the markets are taking shape.

Nvidia is not a one-trick pony. It's a surprisingly well-diversified business with a strong vision for future growth. With the increasing demand for high-performance computing technology, the company is well-positioned to take advantage of the growth in the AI, self-driving vehicles, and data analytics industry. Investing in Nvidia is not just a smart financial move, but it's also an investment in the future of technology.

At the same time, Nvidia faces manufacturing slowdowns and weak supply chains across Asia, leading to a spell of negative and cash flow revenue trends in recent quarters. In turn, these infrastructure issues inspired many Nvidia investors to lock in their long-haul profits by slamming the "sell" button. The stock price is down more than 50% from the all-time highs of November 2021.

Looking ahead, your average analyst expects Nvidia to restart its stalled-out growth engine shortly. Management takes great pains to avoid admitting it, but I believe the end of Ethereum (ETH -1.90%) mining last summer contributed to lower graphics card prices and sales volumes today. Since that downtick already happened, my crypto-based thesis suggests stronger growth in the quarters ahead.

2. NXP Semiconductors

NXP Semiconductors designs, manufactures, and sells a wide range of semiconductor and system solutions. They create the embedded little chips that power everything from your car to your fridge, near field communications (NFC) controllers for touchless credit card readers, and much more.

What sets NXP apart is their expertise in many different markets, including automotive computing, security, mobile payments, and the Internet of Things. They are always innovating and developing new solutions to make our lives easier and more connected.

Industry experts forecast a 10% compound average earnings growth over the next five years and sales have been on a steady rise. However, a 20% drop in share prices over the last 52 weeks lets you grab NXP shares for just 17 times trailing earnings and 15 times free cash flows. It's a steal in my book.

3. Monolithic Power Systems

Don't leave yet! I'm rounding out this overview of great chip stocks to buy now with Monolithic Power Systems, or MPS for short.

This company focuses on ultra-efficient power controller chips, which manage the electric power flows in everything from cars and heavy industrial equipment to the smartphone in your hand. These controllers are so effective that you can consider the stock as an investment in a cleaner future. Management is quite proud of this environmentally friendly effect and MPS holds it up as a selling point in supply contract negotiations.

Like NXP and Nvidia, MPS also targets high-growth target markets such as electric vehicles, solar power systems, data center racks, and smart home solutions. As a result, Monolithic Power Systems also delivers reliable top-line growth. Sales rose 53% year over year in October's third-quarter report and Wall Street analysts project a 37% revenue increase in the next report.

Stop me if you've heard this one before. MPS stock prices have trended downward since November 2021 in spite of robust business results. 26% below 52-week highs, MPS shares are changing hands at a lofty 49 times trailing earnings, but you're buying a high-quality growth stock with a dominant market position here.

Nobody said that winning is cheap. For this price, you get a thrilling growth stock with expected annual earnings growth of 25% in the next five years. You should confirm my analysis with your own financial homework, as always, but I think you'll agree that MPS deserves a premium price tag.