High growth stocks have had a moment in the sun over the past decade fueled by cheap money, a strong economy and eager investors. The pandemic set the market off balance, leading many to question whether the era of growth stocks was over. While there was somewhat of a rotation toward value, growth has yet to fall out of fashion. It’s become somewhat more difficult to find growth stocks to buy as quality is paramount given the challenging economic conditions ahead.

E-commerce is another area that’s worth investigating. Although e-commerce is no longer a novel concept, it’s a space that will continue to deliver double-digit market growth as more and more merchants come online. Then, there’s the all-important cloud. Again, this isn’t necessarily a new concept, but that doesn’t make it any less lucrative. The market for cloud computing is expected to grow at around 16% per year over the next three years. 

Given the economic hardship ahead, it won’t be enough to simply pick out a handful of companies in these industries and expect a portfolio of stocks with high returns. Instead investors need to be on the look out for solid management teams with a strong focus on their strategic goals, financial fortitude, and strong cash flow— or a solid plan to get there. 

Amazon (AMZN)

Amazon (NASDAQ:AMZN) has been a top pick among high growth stocks for quite some time. But its days as a growth superstar are far from over. Amazon is a mashup of enviable businesses, which puts it in a strong position to deliver outsized earnings growth in the years ahead.  

First there’s Amazon’s cloud arm, AWS. This part of the business has been the growth engine recently, as the top cloud provider on the market. It’s a place we can expect to see continued growth as the group continues to grab marketshare in the ever expanding cloud computing market. 

Then there’s the group’s namesake e-commerce and streaming business. This part of the equation has been somewhat shaky lately, often gobbling up more cash than its producing. But there’s a lot to like about this part of Amazon— from its sprawling logistics business to its enviable trove of customer data. As Amazon builds out its advertising plays and incorporates AI deeper into its operations, this part of the business should really shine. With so much on offer, Amazon is hard to overlook when it comes to growth stocks. 

Shopify (SHOP)

E-commerce is another place to search for high growth stocks. Shopify began as a way for entrepreneurs to bring their businesses online at a relatively low cost with very few technical skills needed. But the business has since grown into a full-service platform offering everything from loans to payroll support. That’s meant Shipify can cross-sell to its base of vendors and continue to grow its revenue without necessarily attracting new customers. However, the group’s business became a little too sprawling recently, leading management to sell off non-core parts to zero in on what’s strategically important.

This focus on the higher margin parts of the business should set Shopify up for strong growth well into the future. Demand Is strong, with volumes up 18% in the most recent results. The group’s also seen its merchants take up some of its additional services, which not only helps boost the top line, but it also means switching costs are higher. If Shopify is handling a whole bucket of a merchant’s operations, swapping out to another service will be much more of a disruption. 

The group’s merchant services aren’t always in the black, but as volumes improve this should start to stabilize. While there could be some volatility ahead given the economic outlook, Shopify looks likely to thrive well into the future as e-commerce continues to expand. 

ASML (ASML)

High growth stocks are plentiful in the semiconductor space, but zooming out a little further you can also find similarly successful companies in their supply chains. ASML is a dutch semiconductor supplier with somewhat of a monopoly on advanced lithography systems. This process is essential for making advanced microchips, particularly smaller ones, so it puts ASML in a strong position as chip demand continues to grow. 

The semiconductor business tends to be cyclical, so it might not sound like the right place to invest given the rising chance of global recession. However with artificial intelligence gaining traction and promising to transform business efficiency, demand for the chips that power it is unlikely to see much of a dent from macro conditions. 

The group’s expecting to see sales growth of 25% this year, and with margins over 50% the group’s free cash positive. These healthy financials underpin the group’s growth potential, and will support continued shareholder returns going forward. Not only does ASML offer investors share-price growth potential, the group’s been funneling some if its excess cash back to shareholders by way of buybacks and dividend payouts. 

On the date of publication, Marie Brodbeck did not hold (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.