Many conversations regarding "meme stocks" revolve around GameStop, AMC Entertainment, or other struggling companies. That's because those stocks were volatile, heavily shorted, and ripe for short squeezes fueled by social media hype.

However, those meme stocks were generally short-term plays that rewarded nimble traders who simply took the money and ran. Investors who got too greedy often ended up with the short end of the stick. That said, there are still some meme stocks that can also be considered worthwhile long-term investments. I believe these three picks -- Palantir (PLTR 1.34%), BlackBerry (BB -1.74%), and Lucid (LCID 2.81%) -- might have plenty of upside potential for growth-oriented investors.

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1. Palantir

Palantir initially attracted a stampede of bulls when it went public through a direct listing in September 2020. The data analytics firm dazzled investors with its robust growth rates, widespread usage by U.S. government agencies, and long-term goal of becoming the "default operating system for data across the U.S. government." Many investors also believed it could leverage that hardened reputation to expand into its enterprise market.

Yet Palantir's stock now trades nearly 80% below its all-time high. The bulls retreated as it fell short of achieving its long-term goal of generating "30% or greater" revenue growth through 2025. Its revenue rose 47% in 2020 and 41% in 2021, but increased just 24% to $1.9 billion in 2022. It expects that slowdown to persist with just 14% to 17% growth in 2023.

That deceleration, which it mainly attributed to macro headwinds for its commercial business, drove away the bulls. However, Palantir still posted its first profit on a generally accepted accounting principles (GAAP) basis in the fourth quarter, and it expects to be profitable in 2023 as it reins in its spending. Its stock isn't cheap at 8 times this year's sales, but its rising profits and long-term growth potential suggest it has more possible upside than many other meme stocks.

2. BlackBerry

BlackBerry transformed from a smartphone maker into a software provider over the past decade, and it now generates most of its revenue from cybersecurity services, its QNX embedded OS for vehicles, and other Internet of Things (IoT) software.

BlackBerry's revenue declined 14% in fiscal 2021 (which ended in February 2021), fell 20% in fiscal 2022, and is expected to drop 9% in fiscal 2023. That ongoing slowdown was mainly caused by macro headwinds, tough competition from other cybersecurity companies, and disruptions to the auto sector that temporarily throttled the growth of QNX. The company squeezed out a slim profit in fiscal 2022, but it's expected to post another annual net loss in fiscal 2023.

BlackBerry's situation seems dire, but its prospects could brighten as the auto sector stabilizes. QNX remains the world's most widely used embedded OS for vehicles, and its IVY partnership with Amazon Web Services (AWS) to power new connected vehicles could finally bear fruit over the next few years. BlackBerry also plans to leverage QNX's dominance of the auto market to launch vehicle-oriented versions of its Cylance cybersecurity services.

BlackBerry's stock isn't expensive at less than 3 times next year's sales, and any positive news might move its stock higher. Its low enterprise value of $2.3 billion could also make it a tempting takeover target for larger tech companies.

3. Lucid

Lucid, a producer of luxury electric sedans, went public by merging with a special purpose acquisition company (SPAC) in 2021. It initially claimed it could produce 20,000 vehicles in 2022, but repeatedly reduced that forecast and ended up producing only 7,180 vehicles for the full year.

It blamed that sluggish production on supply chain constraints, and its total number of outstanding reservations declined sequentially in the third and fourth quarters to about 28,000. It only expects to produce 10,000 to 14,000 Air sedans in 2023, so it could suffer even more cancellations over the next few quarters as its customers drift toward other luxury EV makers.

Lucid's near-term prospects seem grim, but Saudi Arabia's Public Investment Fund (PIF) remains the company's biggest backer. The PIF owns more than 60% of Lucid, and the Saudi Arabian government is subsidizing the construction of Lucid's first overseas plant in the country. It's also pledged to buy 100,000 vehicles from Lucid over the next 10 years.

Lucid believes that with the Saudi Arabian government's support, it can produce 500,000 vehicles annually by 2025. If it can achieve that ambitious goal, it could still generate multibagger gains for investors who ride out the near-term volatility. That explosive growth potential makes it a more promising long-term investment than many other speculative EV makers.