Congratulations on beginning your long-term investing journey! The stock market has proven to be one of the most effective long-term wealth-building tools available. So, you may be thinking -- where do I start?

You'll want to focus on assembling a diversified portfolio of wonderful businesses that grow and create value for its shareholders over the long term. But there are thousands of stocks to choose from.

Don't worry, I'm here to help. Here are two great growth stocks to consider including in your portfolio.

1. Nvidia

Successful investing is largely about looking into the future to see which companies will shape tomorrow's world. It's not an exact science, which is why nothing is guaranteed. However, Nvidia (NVDA -2.27%) figures to play a big role and is a great place for investors to start looking.

The company is known for building high-powered computing chips that fuel demanding applications. That used to be things like high-end video games but has transitioned to powering data centers and artificial intelligence (AI) language models.

Nvidia is a dominant force in AI and has become a household name in the tech industry. Analysts estimate that Nvidia has more than 70% market share for AI chips, a staggering figure. Generative AI alone could expand to a $1.3 trillion industry over the next decade, growing by 42% annually from its current $40 billion size.

That's potentially very lucrative for a business converting nearly a third of its revenue into free cash flow. These cash profits can go to shareholders as dividends or share repurchases. It's fair to say the arrival of AI caught Wall Street by surprise. Nvidia began blowing past analyst estimates this year, and the stock has already gained nearly 300% over the past 12 months.

NVDA EPS LT Growth Estimates Chart

NVDA EPS LT Growth Estimates data by YCharts. EPS LT = earnings per share long term. TTM = trailing 12 months.

Generally, investors probably shouldn't chase a hot stock like that. However, consider the potential long-term growth here. Analysts believe the company's earnings will grow by an average of 33% annually. The stock trades at a forward price to earnings (P/E) of 44, so the resulting price-to-earnings growth (PEG) ratio of 1.3 signals the stock's price is reasonable, given the potential growth.

You might want to add Nvidia slowly because the ride could be volatile. However, Nvidia's price appears to be going up over the long term.

2. Amazon

A great tip for beginning investors is to invest in what you know. There's probably a good chance you're familiar with e-commerce giant Amazon (AMZN 0.99%). The company began selling books online in the late 1990s and dominates nearly 40% of U.S. e-commerce today. Roughly 200 million households worldwide subscribe to Amazon Prime, and it's also the world's leading cloud platform, powering many of the websites you view.

Amazon's secret sauce is its massive size. It spent years investing its profits to build massive networks to ship products throughout the United States and provide better cloud services at lower prices than its competition. The company has amassed a 38% market share in U.S. e-commerce and 32% of cloud services worldwide.

That's huge because these industries aren't done growing. U.S. e-commerce is still just 15% of total retail. Meanwhile, the global cloud industry could grow to more than $1.5 trillion as companies move their businesses from on-site computer systems to data centers like Amazon's. As the runaway market leader, that growth should trickle down to Amazon.

AMZN Price to CFO Per Share (TTM) Chart

AMZN Price to CFO Per Share (TTM) data by YCharts. CFO = cash from operations. TTM = trailing 12 months.

Figuring out whether Amazon is a good buy can be tricky because it invests its profits in the business to grow. However, if you look at the stock price compared to its cash from operations, the profits generated by daily activities -- before profits get reinvested -- you'll notice the stock is near the cheapest it's been in a decade.

Amazon's built a dominant business in multiple industries. Investors should reasonably expect more growth moving forward, and the stock is priced right.