The stock market broadly has had an excellent year so far -- the S&P 500 is up 17%. Naturally, some hot stocks have outpaced that growth, and while it might seem counter-intuitive, some of the stocks with big gains already behind them could still be among the best places for investors to deploy their investing dollars now.

Here are three growth stocks that have outpaced the market year to date, but that also have strong competitive positions that make them worth buying today and holding well into the future.

Microsoft

Since artificial intelligence (AI) has become the hottest topic on Wall Street, much of the attention has been on high-end semiconductor companies like Nvidia, which have been putting up eye-popping results quarter after quarter. However, investors shouldn't forget that Microsoft (MSFT -1.73%) is at the forefront of the AI boom due in large part to its investment in OpenAI, the company behind ChatGPT.

Microsoft has already added AI features to several of its products, and because of the reach of its product suite, many consumers have already started to see them in action. For example, the Copilot tool that it has added to productivity applications such as Word, Excel, and PowerPoint can help users draft documents and analyze data more easily.

AI is impacting Microsoft's business in other ways as well. In its most recently reported fiscal quarter, revenue from its Azure cloud unit increased by 31% year over year, with 7 percentage points of growth coming from AI alone. Overall revenue grew by 17% to $62 billion, while earnings per share increased by 20%.

Microsoft is a leader in the software and cloud infrastructure space, and its AI investments are likely to strengthen its position for years to come.

Apple

At first, it seemed like Apple (AAPL -1.32%) was behind when it came to AI. While other tech companies were garnering headlines for their AI-related activities, there wasn't much news coming from the iPhone maker. That all changed last month when it held its annual developer conference, where it unveiled Apple Intelligence, which will roll out later this year.

What's most important about Apple's foray into AI is how it will reinforce its ecosystem. Its new AI features are only going to be available on newer devices, which should drive some degree of an upgrade cycle. Additionally, while these features will be free when they debut, one could imagine a scenario where some aspects of its AI offering become part of a subscription service. This would give a boost to Apple's fast-growing services segment, which is currently its second-largest revenue source after iPhone sales.

Apple is already one of the largest companies in the world and boasts one of the most recognizable brands. If its efforts in AI can continue to drive consumers to buy more of its devices and subscribe to more of its services, the stock could continue to reward shareholders.

Texas Instruments

With so much attention being focused on the few companies making the types of cutting-edge semiconductor chips that can power AI, it's easy to overlook a company like Texas Instruments (TXN -0.29%), which manufactures a wide range of less powerful chips that are needed for everyday uses and products. From your microwave oven to the entertainment center in your car, chips are nearly everywhere, and Texas Instruments makes a lot of them.

Year to date, Texas Instruments' stock is up 18%. However, that run has only brought the stock back to its late 2021 level, reflecting the struggles the company has experienced over the past few years.

It's important to remember that the semiconductor industry is cyclical, and outside of the high-powered AI chip niche, the industry has been in a cyclical downturn for the past year or so. Texas Instruments' revenue and net income have declined, which is typical during these kinds of downturns.

The bottom line is that Texas Instrument plays a vital role in the semiconductor space, and down cycles like the current one are normal. The fact that the stock price is up year to date despite the company's declines on the top and bottom lines demonstrates Wall Street's belief that these market conditions will be a short-term challenge for it. Over the long term, Texas Instruments remains a solid business worth buying now and holding for the future.