Buying two growth stocks is like having no tomorrow.

In 2024, the U.S. stock market has shown remarkable resilience despite all the volatility and pressure it has experienced. So far in 2024, after an exceptionally strong performance in 2023, the U.S. stock market has remained resilient.S&P 500The return rate of the index has reached 7.5%.

Although investors are now beginning to worry about a correction in high interest rates and geopolitical risks, there are still opportunities to make money in the market. Long-term investors can take small stakes in growing companies with strong fundamentals, which are in a solid secular tailspin and can gradually build wealth.

The following are leaders Equipotent (B) roadcom ) (NASDAQ: AVGO)(math.) andNu Holdings (New York Stock Exchange: NU)All of the above criteria are met and will prove to be excellent reasons to buy in the long term.

Broadcom Corporation

Broadcom, a leading provider of high-speed networking solutions, delivered solid results in the most recent quarter (Q1 FY2024 ended February 4), easily beating consensus estimates for both revenue and earnings. However, investors seem to be disappointed with the company's weaker-than-expected guidance for fiscal 2024, which has affected the company's share price performance over the past month. That said, there are still several reasons for long-term investors to be bullish on the stock.

For starters, Broadcom's AI-optimized gas pedals and AI-related networking components, such as the Tomahawk 5 800G switch, Ethernet, digital signal processing (DSP) platforms, and optics components, are facing solid demand from UHF customers and large enterprises deploying in-house AI data centers. This is evident considering that the company's AI revenue quadrupled year-over-year to $2.3 billion in the first quarter. Broadcom now expects AI revenues to account for nearly 35% of its fiscal 2024 revenues, or more than $10 billion, significantly higher than its previous estimate of 25%.

Second, it would be difficult for a new competitor to enter the custom AI gas pedal business, as this would require a company to work with large customers for many years to create a supporting software ecosystem. Broadcom has been working with two large mega-companies for many years. As a result, the company is well positioned to capitalize on the growth of the custom AI gas pedal market.

Third, the VMware acquisition played a key role in Broadcom's infrastructure software revenue growth. In the first quarter, the company's infrastructure revenue grew 1,53% year-over-year to $4.6 billion. Over a 10.5-week period (since the acquisition closed in November 2023), VMware contributed $2.1 billion to Broadcom's first-quarter business results. The company expects VMware's revenue to continue to grow at a double-digit percentage rate throughout fiscal year 2024.

Broadcom's VMware strategy focuses on marketing VMware Cloud Foundation (VCF) to customers already running workloads on VMware's vSphere virtualization platform, a complete software stack (including compute, storage, and networking capabilities) that virtualizes a customer's data center. By helping to create an internal self-service cloud platform to replace the public cloud, VCF enables organizations to run high-performance computing and artificial intelligence workloads without compromising privacy. In addition, VMware has partnered with NvidiaThe郃 work also enables customers to run advanced AI models with VCF, which uses the computational power of Nvidia's advanced AI chips.

To be fair, Broadcom's price-to-sales (P/S) ratio of 16.5x is expensive compared to its five-year historical average valuation of 9.2x. That said, Broadcom seems well-positioned for strong growth in the coming months, given a number of solid positive factors.

Nu Holdings

Nu Holdings is a fully digital bank offering a range of financial solutions such as credit cards, savings and personal accounts, loan and investment solutions and insurance in the Latin American markets of Brazil, Mexico and Colombia.

Latin America's high proportion of young people (19-30 years old), their fast-growing consumption and investment needs, and high Internet penetration rates represent a unique opportunity for digital banking.

Nu's customer base is expanding rapidly, with year-over-year growth of 26% to reach 93.9 million customers by the end of 2023. Brazil will add an average of 1.3 million customers per month in 2023, bringing the total number of customers to 87.8 million. On the other hand, Mexico and Colombia are relatively new markets, with 5.2 million and over 800,000 customers respectively.

Nu has been successful in cross-selling and up-selling to existing customers, which in turn has helped build a sticky customer base. This is evident considering that the average active customer used four products in the fourth quarter. The company's average revenue per active customer (ARPAC) at the end of the fourth quarter also increased by 23% (constant currency) year-over-year to $10.6. Despite this, the company's cost per customer service remained stable, up $0.90 year-over-year.

Nu's recent fourth quarter financial performance was also very strong. Revenues increased year-over-year by $57% (on a constant currency basis) to $2.4 billion and net income increased year-over-year by $4,89% to $360.9 million.

However, rather than rest on its laurels, the company is committed to further growth in 2024, with Nu aiming to expand its secured lending in Brazil and increase its share of the country's high-income population. Nu also aims to expand its presence in Mexico with the successful launch of the Cuenta Nu digital savings account in 2023.

Nu shares are currently trading at just under 7x. Analysts expect the company's revenues to grow 38% YoY in FY2024, which seems to be a relatively low valuation. Therefore, considering the multiple positive factors, solid financials, and apparently low valuation, Nu seems like a smart choice right now.

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Manali Pradhan does not hold any of the above stocks.The Motley Fool holds a recommendation for Nvidia.The Motley Fool recommends Broadcom and Nu Holdings.The Motley Fool has a disclosure policy.

Two Growth Stocks to Buy Like There's No Tomorrow was originally published by The Motley Fool.