There are some stocks you can buy with little to no hesitation that they will provide significant growth if held long enough. Companies with substantial market shares in high-growth industries like tech are excellent options to hold over many years, especially given recent market volatility.

The COVID-19 pandemic sent countless stocks skyrocketing in 2021 as consumers invested in home offices and entertainment devices. Then an economic downturn last year brought many of the same stocks crashing back down to Earth. Now, the market has enjoyed a recovery in 2023 as advances in budding industries like artificial intelligence (AI) have reignited optimism over tech stocks. 

All of these dramatic fluctuations over just a few years highlight why it's crucial to dedicate a large portion of your portfolio to reliable growth stocks. Here are two stocks you can buy in 2023 and hold for the long haul.

1. Nvidia

All eyes have been on Nvidia (NVDA -0.05%) this year as it has achieved a roughly 90% market share in AI chips. Data from Grand View Research shows that the AI market hit $137 billion in revenue in 2022, and is projected to expand at a compound annual rate of 37% through 2030. Meanwhile, Nvidia has carved a lucrative position in the sector by becoming the go-to for AI-minded companies seeking high-powered chips.

The company's success in the industry saw it post glowing earnings for its fiscal 2024's second quarter (ended July 2023). Nvidia's revenue rose 101% year over year during the quarter, with operating income up over 1,200%. The spike was primarily owed to a 171% increase in data center revenue as sales for its AI graphics processing units (GPUs) skyrocketed.

Chips are critical to the development of multiple sectors across tech, with demand likely to continue rising in the coming years. The powerful hardware is necessary to build AI models. However, it is also crucial in cloud computing, video games, virtual/augmented reality, and much more.

As a result, it's not a bad idea to invest in a chip stock like Nvidia this year and hold over the long term. The company's shares have climbed over 800% in the last five years, and could rise even higher as demand for GPUs continues to rise.

2. Microsoft

It's been nearly 50 years since Bill Gates and Paul Allen founded Microsoft (MSFT 1.19%). Yet the company has retained its position as one of the biggest names in tech, delivering consistent and substantial gains to its investors. Microsoft shares have risen 226% since 2018. Meanwhile, the company has exciting prospects in AI, gaming, productivity software, and cloud computing.

While Nvidia's stock is an excellent way to invest in the hardware side of AI, Microsoft is killing it in the software side of the industry. The company holds a 49% stake in ChatGPT developer OpenAI, which has given it access to some of the market's most cutting-edge technology.

Over the past year, Microsoft has used OpenAI's models to introduce AI features across its product lineup. Popular productivity platforms such as Word, Excel, Azure, and Microsoft 365 all offer AI tools now, and present countless opportunities for the company to monetize its AI expansion.

In addition to AI, Microsoft has potentially struck gold in its Xbox gaming division with the recent acquisition of game developer Activision Blizzard. The purchase grants Microsoft ownership of an incredibly lucrative library of content, which includes franchises such as Call of Duty, World of Warcraft, and Overwatch.

Call of Duty on its own is one of the most profitable series in history, with 2022's Call of Duty: Modern Warfare II hitting $1 billion in sales in its first 10 days. The franchise will likely prove a valuable tool in attracting shoppers to Microsoft's consoles and its subscription service, Xbox Game Pass, which is expected to add all of Activision's titles soon.

As the second-most-valuable company in the world, with a market capitalization of $2.7 trillion, Microsoft has a long history of rewarding stockholders with big gains. The Windows company is heavily investing in its business and is on a promising growth path, making now an excellent time to buy Microsoft shares.