Value investing and income-generating dividends are all well and good, but there's nothing like the thrill of finding the next hypergrowth stock before it takes off. Let's take a look at three candidates.

Relive the glory days
Advanced Micro Devices (NYSE: AMD) has been to the big dance before, when its first generation of Athlon 64 chips redefined the processor market and out-innovated Intel (Nasdaq: INTC) for once. In 2006, AMD's stock shot north of the $40 watermark for a short while -- before falling as low as $1.82 per share in the waning days of 2008. Ouch.

The glory days are coming back. Intel has promised to lay off its schoolyard-bully marketing tactics of old; AMD processors are largely accepted as a cost-effective and powerful alternative to Intel in everything from supercomputers to laptops; and we're inching closer to the full-fledged Fusion platform that will finally realize the value of the ATI acquisition and perhaps throw the industry itself for another loop.

I can't say for sure that $40 prices are in the cards, but AMD's stock is easily worth $10 per stub today and a Fusion-fueled $20 mark makes perfect sense next year.

Wake up and smell the napalm
Tibco Software (Nasdaq: TIBX) is a different beast. The Information Bus data-reporting format from which Tibco takes its name has always been light-years ahead of the competition in terms of pure innovation, but the company always toils in the enormous shadows of Oracle (Nasdaq: ORCL) and IBM (NYSE: IBM). Both of those giants have plenty of incentive to promote the incumbent database-driven information model that Tibco wants to replace, as they sell both business intelligence suites and database programs.

But I think Tibco is overdue for a reveille. Potential customers are getting ready to wake up to the value of the software, and the market should wipe its bleary eyes and follow suit soon enough. The tipping point may already have passed, but it's not too late to sign up for a heady future -- whether Tibco gets gobbled up by one of the big boys or stays stubbornly separate.

You say you want a revolution?
Finally, you should take a look at Universal Display (Nasdaq: PANL). OLED screens are trickling into top-end smartphones today, but will really invade next year when Samsung and LG Display (NYSE: LPL) get their huge new factories up to speed. The market is already hungry for as many OLED displays as the manufacturers can produce today, and that appetite will only grow when large-screen OLED televisions and cheap, efficient lighting panels wend their way onto the consumer market in the coming years.

And Universal Display will reap the rewards of all its hard work when the technology royalties start pouring in.

Who's a good egg?
Some promising growth stocks never take off, but the outsized returns of those that do easily make up for the duds. Find out more about looking for the next great growth story.