External factors such as COVID-19 and an economic downturn in 2022 have caused some volatility in the stock market in recent years. The challenges highlight why it's crucial to keep a long-term mindset to see big gains. As investing mogul Warren Buffett has often preached, "If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes." 

Therefore, it's wise to dedicate a large part of your portfolio to proven growth stocks. Holding such investments over many years can offer significant growth and won't require tens of thousands of dollars upfront. 

Apple (AAPL 1.44%) and Advanced Micro Devices (AMD 0.23%) are two attractive options, each delivering triple-digit stock growth over the last five years. These companies are active in multiple expanding industries and could have a lot to offer new investors. 

So, got $1,000? Here are two hot growth stocks to buy before they take off. 

1. Apple

Shares of Apple have climbed 211% over the last five years. The company is easily one of the most reliable stocks available, significantly profiting from its dominance in consumer tech and almost unwavering loyalty from its users. 

Apple's success over the years is primarily owed to the popularity of the iPhone, which enabled the company to claim a 55% market share in smartphones. Consumer trends have shown people rarely change smartphone operating systems.

Meanwhile, Apple has strategically created an interconnected ecosystem for its devices that encourages shoppers to stay within its lineup when shopping for new products. So, as iPhone users have risen, so have sales for many of Apple's other devices.

In this way, Apple has also achieved leading market shares in headphones, smartwatches, and tablets. The company's product segments have faced hurdles in the last year as macroeconomic headwinds curbed consumer spending. However, economic challenges won't last forever, and Apple has much to gain once the market recovers. 

In the meantime, the tech giant is gradually expanding its business to lean less on product sales over the long term. Its services segment, which includes income from the App Store and subscription platforms like Apple TV+, is now the second-highest earning part of its business and hit revenue growth of 8% year over year in the third quarter of 2023. The digital business is expanding quickly and has shown little sign of slowing down.

Apple's dominance in tech and reputation as a reliable growth stock suggests it's not a bad idea to dedicate the bulk of your $1,000 to the iPhone company. Four shares in the tech giant would be about 70% of the investment, and will likely offer a significant return over the long term. 

2. Advanced Micro Devices

The tech market is expanding quickly, with an increasing number of sectors requiring powerful chips to take their devices to the next level. The rise of artificial intelligence (AI) over the last year has highlighted the importance of chipmakers, as their hardware is crucial for developing AI models. However, multiple industries need similar hardware to expand, making chip stocks an attractive investment right now. 

AMD is an excellent option with its years of success in the chip market, its growing position in AI, and its role as a leading chip supplier to companies across tech. AMD has experienced rapid growth, with its annual revenue rising 265% over the last five years and operating income up 180%.

The tech giant has significantly profited from supplying its chips to multiple companies. AMD is the exclusive chip provider to Sony's PlayStation 5 and Microsoft's Xbox Series X|S, two of the world's most popular game consoles. AMD has also formed lucrative partnerships with several other companies that use its chips to power laptops, handheld gaming machines, and custom-built PCs.

Moreover, AMD is gearing up to make a big splash in AI next year, a market projected to expand at a compound annual growth rate of 37% through 2030. The company will go head-to-head with market leader Nvidia when it launches a new chip in 2024. If AMD can offer competitive pricing, it could enjoy a significant boost in earnings next year. 

AMD gives stockholders the chance to invest in multiple areas of tech. It's a promising growth stock, and you won't want to miss out on its likely lucrative future. The remaining 30% of your $1,000 investment would buy about three shares in this chipmaker.