After a brutal 2022, Wall Street has fallen back in love with high-return aggressive growth stocks. Stocks with aggressive growth potential have outperformed value stocks by a wide margin so far in 2023, and there’s reason to believe this trend will continue.

A major force behind the exodus from growth stocks last year was the Federal Reserve’s monetary tightening campaign in an effort to bring inflation under control. Currently, we’re seeing signs that inflation is cooling and that central bankers are ready to pause interest rate hikes at their June meeting. While there is speculation the Fed may resume raising rates later this year, a clear interest rate ceiling would be a huge upside catalyst for growth stocks.

Of course, anyone looking for the top growth stocks to buy must be aware of the risk that comes with them. Two of the names below have already made huge runs this year. But, with a little help from the market (and the Fed), I expect all three names below to continue to rally.

Nvidia (NVDA)

Nvidia (NASDAQ:NVDA) is one of the best-performing stocks of 2023, with shares up nearly 170% year to date and a market cap that is approaching $1 trillion. The advanced chipmaker has ridden the tidal wave of investor enthusiasm surrounding artificial intelligence (AI) higher this year. 

In fact, investors have bid shares up so high, they currently trade with a price-earnings (P/E) ratio of more than 200, up from around 6o at the start of the year. It takes confidence and an aggressive growth mindset to buy shares with such a sky-high valuation. Investors who plant a flag in the ground now are saying they believe Nvidia has entered a new era of potentially unbridled growth and that those who don’t buy in at these prices will regret it later.

Nvidia’s latest quarterly results, released on May 24, are reason for optimism. The company blew through analyst estimates, reporting $7.19 billion in revenue, down 13% year over year but up 19% from the previous quarter. Analysts had been expecting $6.52 billion. Adjusted earnings per share (EPS) of $1.09 easily beat the consensus estimate of 92 cents.

Furthermore, management delivered better-than-expected guidance for the current quarter, calling for $11 billion in sales as the company continues to capitalize on the AI revolution. For the full year, analysts are forecasting a 58% jump in revenue and a 132% surge in earnings.

In the realm of stocks with aggressive growth potential, it perhaps does not get more aggressive than NVDA. With a beta of 1.77 and shares trading near their all-time high, all but the most risk-tolerant growth investors should probably take a pass.

Mercado Libre (MELI)

MercadoLibre (NASDAQ:MELI) is the leading e-commerce platform in Latin America, which is a leading region for e-commerce growth. That’s a mighty fine position to be in.

Rising internet penetration is leading to more online buying, with Statitsa forecasting Latin American retail e-commerce sales will hit $160 billion in 2025, up from $104 billion last year, for a compound annual growth rate (CAGR) of more than 15%.

Investors seem to understand the promise of MercadoLibre, with shares rallying 50% year to date.  Yet, even with the dramatic run-up in shares over the past few months, the majority of analysts covering the stock still rate it a “buy,” with a median target of $1,587.50. That’s roughly 25% above the current price.

In the company’s latest quarterly report, Q1 earnings of $3.97 per share beat the consensus estimate by $1.23, while revenue of $3.04 billion came in nearly $151 million ahead of estimates. Revenue was up 58.4% year over year, excluding currency fluctuations, while net income of $201 million more than tripled from a year ago and total payment volume surged 96.1%. Finally, MercadoLibre ended the quarter with 101 million unique active users, up nearly 25% from 81 million a year earlier.

Investors looking for the top growth stocks to buy should consider MELI. With a three-year revenue growth rate of 63.3% and a three-year EBITDA growth rate of 254.8%, no one should be questioning the stock’s categorization.   

Farfetch (FTCH)

Farfetch (NYSE:FTCH) operates an online platform that connects buyers and sellers of luxury goods. Unlike the other top growth stocks to buy on today’s list, Farfetch’s potential has little to do with its fundamentals and everything to do with the promise of the sector in which it operates. 

The luxury goods market is expected to grow at a compound annual rate of 5.4% through 2030, hitting $369.8 billion. According to Research and Markets, this growth is being driven in part by millennials and younger generations, the influence of social media and improving supply chains.

Farfetch shares are up less than 7% year to date, underperforming the S&P 500. However, considering the fact that luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton (OTCMKTS:LVMUY) is the 13th most valuable company on the planet, I’d say it’s worth checking out some of the smaller luxury fashion stocks like FTCH.

In the first quarter, revenue increased 8% year over year, which certainly isn’t eye-popping, but cash flows are improving. And Farfetch now hosts more than 1,400 brands on its platform, making it a one-stop shop to access global luxury brand goods. 

Investors may want to consider taking a small position now in what could become a leading global platform for the fashion industry.

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.