The tech industry took a massive hit in 2022, with economic headwinds leading to declines in consumer spending and the Nasdaq-100 Technology Sector index falling almost 40% throughout the year. However, the market's wealth of growth stocks paid off, as many tech companies retained immense long-term growth despite the sell-off.

As a result, investing in solid tech companies with a history of substantial stock growth can be one of the best things to do for your portfolio.

Here are two hypergrowth stocks to buy in 2023 and beyond.

1. Advanced Micro Devices

As a leader in computing components, Advanced Micro Devices (AMD -5.44%) is building the future. In addition to selling its hardware to consumers, the company powers a wide variety of devices and digital services in industries such as cloud computing, virtual reality, video games, artificial intelligence, and more.

AMD's position in multiple burgeoning industries has led to immense stock growth. Over the last five years, the company's shares have climbed 570% and risen over 3,000% over the last decade. And even better, the company has a strong outlook for hypergrowth in the coming years.

In fiscal 2022, AMD's data center revenue rose 63.6% year over year to $6.04 billion. Meanwhile, its operating income almost doubled, soaring by 86.5% to $1.8 billion. The substantial growth is primarily thanks to the swiftly expanding cloud market. AMD's graphics processing units (GPUs) and processors power data centers worldwide, which run cloud platforms such as Amazon Web Services, Microsoft's (MSFT -1.27%) Azure, and Oracle.

According to Grand View Research, the cloud market was valued at $483.98 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 14.1% through 2030. AMD's hardware will likely play a crucial role in that growth.

Additionally, the company's purchase of Xilinx for $50 billion in 2022 is already paying off. The acquired company develops programmable chips for specialized uses in industries such as industrial, aerospace and defense, and has immense potential in artificial intelligence (AI). In 2022, AMD's embedded segment reported revenue growth of over 1,700% to $4.5 billion, while operating income increased by more than 5,000% to $2.25 billion, with the development mainly driven by Xilinx.

AMD has experienced hypergrowth in its stock over the last five and 10 years, with its position in several lucrative industries likely to keep it flourishing indefinitely.

2. Microsoft

While AMD is responsible for the hardware behind various high-growth markets, Microsoft's stock is an excellent way to invest in the software side. The company's dominance in digital industries, such as operating systems, productivity software, gaming, and cloud computing, has seen its stock rise 161% over the last five years and 801% over the last decade. Potent brands such as Windows, Office, Xbox, and Azure have put the tech company on a hypergrowth path.

Moreover, Microsoft's cloud computing platform Azure boasts the second-largest market share in the industry at 21%. As a result, the company's intelligent cloud segment had revenue growth of 18% year over year to $21.5 billion in the second quarter of 2023 (ending December 2022), with revenue from Azure specifically increasing 31%. Operating income in the segment increased 7% year over year to $8.9 billion.

In addition to a solid position in cloud computing, Microsoft likely has a lucrative role to play in the development of AI. According to Grand View Research, the AI market was worth about $136.55 billion in 2022 and will grow at a CAGR of 37.3% through 2030. Meanwhile, Microsoft's $1 billion investment in start-up OpenAI in 2019 has seen advanced AI programs like ChatGPT become integrated into Azure services and its search engine, Bing. Microsoft plans to invest a further $10 billion in OpenAI as it works to strengthen its position in the high-growth market.

The tech giant's priority on developing future technology strengthens its long-term outlook. Alongside a history of impressive stock growth, Microsoft is an excellent investment in 2023 and beyond.