A marketwide sell-off last year brought down the value of many stocks. Macroeconomic headwinds curbed consumer spending and led to dismal quarterly results. However, 2023 appears to be a year of recovery with many companies enjoying monster rallies.

Some of the historically most reliable growth stocks are trending up. Two worth considering now are e-commerce giant Amazon (AMZN 0.98%) and big box retailer Costco Wholesale (COST 0.10%). So, got $1,000? These growth stocks are attractive buys and could take off further.

Amazon

Amazon's stock plunged 50% last year as its e-commerce business suffered steep declines in earnings. However, the first quarter of 2023 brought its North American segment back to profitability, with improvements to its international segment. Meanwhile, Amazon's quickly expanding position in artificial intelligence (AI) has likely set it on a growth path. 

While companies like Microsoft and Nvidia have taken the spotlight in AI this year, Amazon is no stranger to the technology. The company has used AI in its retail business for years for product recommendations, tracking shopping trends, and making shipping logistics more efficient. However, this year has seen the company heavily expand its AI offerings to cloud clients through Amazon Web Services (AWS). 

Since the start of 2023, AWS has introduced several new generative AI services. For instance, Bedrock was unveiled in June and uses a language model similar to ChatGPT to help users create their own chatbots and image-generation services. Additionally, HealthScribe is a tool capable of transcribing and analyzing conversations between a doctor and a patient. 

According to Reuters, AWS' AI services have attracted thousands of customers, including organizations such as Sony, Ryanair, and Sun Life. Amazon has made significant progress in the $137 billion industry and could continue to outperform the competition over the long term. 

This, alongside a recovering e-commerce business, makes Amazon's stock too good to pass up -- and Wall Street seems to agree. Fifty out of 55 industry analysts have rated it buy/strong buy, with many citing the company's potential in AI.

Costco

Costco has a long history of offering investors consistent gains. Its stock has risen 157% in the past five years, significantly more than competitors like Walmart and Target. Meanwhile, the company's annual revenue has increased by 60% in the same period, with operating income up 74%. Costco has attracted millions of shoppers to its unique retail strategy of charging consumers an annual subscription fee for access to wholesale prices. 

The company's success has allowed it to expand to 14 countries and 858 locations. However, it continues to have massive growth potential over the long term. In six of those countries, Costco operates four or fewer stores, suggesting significant expansion opportunities. For instance, the company has opened two locations in France since 2017, with better-than-expected sales prompting it to make plans to build 15 more warehouses by 2025.

Costco's expanding international presence makes it one of the most reliable growth stocks, with access to multiple markets. The company has felt the weight of economic hurdles over the last few years. However, as the chart below shows, its profits have soared far higher since 2020 than those of companies like Walmart and Target. 

COST Operating Income (Annual) Chart

Data by YCharts

As Costco continues to expand and attract consumers worldwide to its low prices, investing in its stock is worth considering before it flies any higher.