Spend enough time discussing stocks, and you'll certainly hear about the next big thing -- the business that's going to revolutionize its field and create tremendous wealth for those who bought in early. For growth investors looking to secure market-beating returns, however, this flood of suggestions can feel completely overwhelming as they try to identify the true opportunities and dismiss the siren songs.

A better starting point than your cousin's advice at the family picnic, though, is looking at what renowned growth investors like Cathie Wood of Ark Invest are buying -- stocks such as Archer Aviation (ACHR -1.14%), Magna International (MGA -0.31%), and UiPath (PATH 0.08%).

1. Archer Aviation

One disruptive business that Cathie Wood is charged up about is Archer Aviation, an electric air taxi company. In fact, Archer Aviation finds itself in several Ark Invest exchange-traded funds (ETFs): the ARK Innovation ETF, ARK Space Exploration & Innovation ETF, and ARK Autonomous Technology & Robotics ETF.

Forget about grabbing a land-based taxi to the airport, Archer Aviation plans to provide rides on its electric vertical take off and landing (eVTOL) aircraft to shuttle passengers to the airport. While this may seem like a convenience for those who are wealthy, Ark Invest research foresees the price tag for an eVTOL ride dropping significantly as the technology scales. Over the next decade, for example, Ark Invest imagines the cost of a ride from Manhattan to JFK Airport falling to about $70 per person when shared among three passengers.

Archer Aviation aspires to begin commercial operations in 2025, and it has made great progress on its way to meeting this target. Last week, the Federal Aviation Administration certified that Archer Aviation has met all safety requirements necessary to begin flight test operations. In addition, the company has gained notice from aviation leaders like the U.S. Air Force and United Airlines, which has signed an agreement with Archer Aviation for the purchase of aircraft totaling up to $1 billion, plus an option for an additional $500 million.

2. Magna International

Besides electric-powered air transportation, Cathie Wood is also bullish about the growing electric vehicle (EV) market. While most investors familiar with the architect of Ark Invest likely know about her enthusiasm for Tesla, Magna International is another stock in the Ark Autonomous Technology & Robotics ETF.

Operating 351 manufacturing facilities, Magna International is one of the world's largest suppliers of automotive parts. As an original equipment manufacturer, Magna's parts can be found in most leading car brands and startup EV makers like Rivian, Nio, Lucid, and Fisker.

Magna International is poised to prosper from the growing customer appetite for EVs. For those seeking EV exposure but want to avoid the risks associated with investing in a single EV maker, Magna International is a worthy consideration. The company manufactures a variety of powertrain systems for use in EVs as well as other EV-related parts.

Demonstrating its continued interest in EVs, Magna announced in October 2022 its plan to invest $500 million in the construction of two new manufacturing facilities in Michigan and the expansion of an already-operating plant. One new facility will manufacture steel battery enclosures while the other will produce battery tray enclosures.

3. UiPath

Found in several Ark Invest ETFs, UiPath is a company dedicated to helping businesses streamline their operations by using artificial intelligence (AI) to assist in automation. The stock has become one of Cathie Wood's largest positions. In August, Ark Invest bought almost 658,000 shares of UiPath, complementing the more than 575,814 shares Ark Invest bought in June. Ark Invest, consequently, is the largest holder of UiPath stock.

Like the rest of the market, Cathie Wood is acutely focused on the potential of AI stocks, and Ark Invest is clearly looking to UiPath as a way to prosper from the growing adoption of AI. According to Ark Invest research, UiPath provides a more attractive platform than peers with application programming interfaces (APIs) that aren't up to speed with human decision-making.

Additionally, Ark Invest contends that "UiPath's emphasis on low-code no-code interfaces emphasizes flexibility, scalability, and ease, as well as low learning curves requiring no proprietary AI/ML [artificial intelligence/machine learning] models or changes to the customer's infrastructure." Simply put, UiPath's platform is simpler and more instinctive to use for customers.

Are these Cathie Wood stocks right for you? 

For the most conservative investors, Magna International is the best choice from this lot of Cathie Wood stocks. The company is well established, generates strong revenue and net income, and pays a dividend that currently has a forward yield of 3.3%.

Those who are more risk tolerant, on the other hand, can consider taking flight with Archer Aviation, while investors eager to gain AI exposure can go in the direction of UiPath. In the case of Archer Aviation and UiPath, though, it's important to recognize that these disruptive companies are in the early innings of their growth and the path to profitability isn't guaranteed, so be prepared for volatility in the near future.