It's tempting to try and pick stocks that you think might double or triple in value in a year or two. However, the best gains often come over the long term, and sometimes they can come in unexpected ways. That's why investing in multiple stocks can be an effective strategy because it's almost impossible to predict where a business might end up in the long run. If you hit it big with a few stocks, that can more than make up for underwhelming performances in other areas of your portfolio.

Nvidia (NVDA -1.10%), Advanced Micro Devices (AMD -1.05%), and Tesla (TSLA -1.72%) are three of the best growth stocks you could have invested in a decade ago. Investing $10,000 in each of these three stocks 10 years ago would have produced a portfolio worth more than $3.4 million today. Here's a look at how much these investments would be worth individually today, why they have done so well, and whether these stocks can still be good buys right now.

Nvidia

Nvidia is a great example of how investing in a solid growth stock can pay off in unexpected ways in the future. A decade ago, no one knew about chatbots or the role Nvidia might play in advancing next-gen technologies through its artificial intelligence (AI) chips. Today, however, it has become one of the most valuable companies in the world, with a market cap of about $3.2 trillion. If you invested $10,000 into the stock 10 years ago, that investment would be worth a staggering $2.7 million now.

In just the past few years, the company's sales and profits have taken off. For its fiscal year ended Jan. 28, 2024, Nvidia's sales topped $60.9 billion -- more than three times the $16.7 billion it reported three years earlier. Its profit alone ($29.8 billion) in the last fiscal year was even more than its revenue back then.

Nvidia is still a top growth stock to own, given the plentiful opportunities in AI and its leadership position in the sector. It might not be able to replicate its impressive returns during the next 10 years, but you can still earn some great profits from holding Nvidia stock in your portfolio for the long haul.

Advanced Micro Devices

Advanced Micro Devices, also known as AMD, is one of Nvidia's key rivals, and it, too, was a top growth stock to own during the past decade. A $10,000 investment in AMD a decade ago would have grown to a value of more than $440,000 right now.

AMD is much smaller than Nvidia, but it has also experienced significant growth in the just past few years. From about $10 billion in sales in 2020, the company has now generated $24.3 billion in revenue during the past four quarters.

The chipmaker has been struggling in recent years amid investor concerns about whether it can keep up with Nvidia and if its AI chips will be able to take significant market share. However, given the significant opportunities that exist in AI, there should be plenty of room for AMD to claim a piece of the pie if for no other reason than companies don't want to be entirely dependent on Nvidia's chips for their technologies.

It may be a bumpy ride for AMD, but I think it can still be a good buy today.

Tesla

Rounding out this list of impressive growth stocks is electric vehicle (EV) maker Tesla. The company's ambitions are more significant than just making EVs, as Tesla is also aiming to be a big name in AI and plans to make robots in the future.

If you were to invest $10,000 into Tesla stock a decade ago, however, it would have primarily been for its growth opportunities relating to EVs. That investment would be worth about $290,000 today. In total, the three investments listed here would now be valued at about $3.4 million.

Tesla has also significantly grown in recent years on both its top and bottom lines. Revenue of $31.5 billion in 2020 has more than tripled to $97.2 billion during the trailing 12 months. The company's net income rose from $690 million back then to more than $12.7 billion during its past four quarters.

This has the potential to be a top growth stock for years to come, but a lot depends on Tesla's strategy outside of EVs; the company's margins have been coming under pressure of late, with consumers having more options to choose from.

Tesla is the riskiest stock on this list, and it's the one I'd hold off on buying for the time being, given the challenges it faces ahead.