The stock market is showing some signs of life, with the tech sector enjoying a significant rally in 2023. The rise of the artificial intelligence theme has driven a lot of trading action. However, there are plenty of other fast-growing stocks to buy that don’t have to rely on the AI wave for their success. These hot stocks are poised for growth and should continue to rally, regardless of what happens with the overall tech sector.

These fast-growing hot stocks have achieved their success due to a variety of different factors. One has a soaring subscription business, one is successfully spinning off various business units, and the final one has been a huge undiscovered winner from the global travel recovery theme.

Adding it all up, these three hot stocks are on major winning streaks. Traders and investors should consider riding these companies’ momentum in the weeks and months to come.

Spotify (SPOT)

Music streaming service Spotify (NYSE:SPOT) has largely been a disappointment since it started trading. Shares went public in 2018, opening around $150 apiece. The stock once again trades at that level today. However, the momentum has turned. After bottoming out at $69.29 per share late last year, Spotify shares have now doubled off the lows and are surging higher.

That’s because, stock price volatility aside, Spotify’s core operations continue to grow. Analysts are expecting 12% revenue growth in 2023 and 15% top-line growth in 2024.

Importantly, Spotify is getting there with paid subscribers. This is a vital metric for the business, as Spotify earns far higher profit margins on paid subscribers as opposed to free ad-supported users. In Q1, Spotify grew paid subs by five million, which was more than double analyst expectations.

This validates Spotify’s investments in proprietary content; for example, high-profile podcasts such as The Joe Rogan Experience, which draw tremendous audiences. Spotify is still working out the exact model for achieving consistent profitability. But with rapid growth in paying subscribers, this is among the hot stocks with momentum on its side.

General Electric (GE)

General Electric (NYSE:GE) had an incredible rise and an equally painful fall. Under Jack Welch, General Electric was the exemplar of American industrial greatness. However, the company lost its touch under subsequent CEOs. A misguided bet on the financial sector left General Electric ailing during the 2008 economic crisis.

Now, many years later, GE is finally entering a new and more prosperous era. The company brought in a superstar CEO, Larry Culp, who previously headed the incredibly successful conglomerate Danaher (NYSE:DHR). Culp has brought his trademark to GE, cutting costs, selling off numerous assets, and streamlining operations.

GE spun off its healthcare business as GE HealthCare Technologies (NASDAQ:GEHC) earlier this year. That adds to its recent divestments of its aircraft leasing and oil and gas businesses. Next up, GE will spin off its power and renewables segment as another publicly traded company.

Once that final divestment is complete, GE will be a pure-play aerospace company. GE’s jet engines and related products are world-class, providing high profit margins and rich cash flows. That will be especially true with Culp remaining laser-focused on the company’s aerospace assets, absent other distractions.

GE stock has already soared, with shares up 70% over the past 12 months, as investors have started to appreciate the new and improved General Electric. The rally should continue as we draw nearer to the power and renewables divestment next year. After years of being a laughingstock and short seller target, GE stock will earn a much higher valuation as investors give the firm the respect that it deserves.

Corporacion America Airports (CAAP)

Corporacion America Airports (NYSE:CAAP) is the world’s largest private airport operator as measured by the number of airports managed. It controls most airports in Argentina, along with key airports in Italy, Brazil, Ecuador, Uruguay, and other countries.

The firm completed its IPO in 2018 and initially traded around $15 per share. However, the combination of a souring Argentine economy and COVID-19 caused shares to plummet to just $2 in 2020.

However, Corporacion America Airports is flying high once again. With CAAP stock now at $10, shares have quintupled off their pandemic lows, and are up 57% over the past year alone.

The company’s operating results back that up. Passenger traffic grew 30% year-over-year in April 2023 versus the same month in 2022. The company also slashed costs during the pandemic, leading to record profitability. Shares now change hands for just 10-times earnings. And presidential elections are coming this fall in Argentina, with signs that the country will return to right-wing leadership. That would likely spark further gains for Argentine assets such as CAAP stock.

On the date of publication, Ian Bezek held a long position in CAAP, DHR, and SPOT stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.