A long-standing debate exists among the investing community: growth versus value. This year, value has gotten the upper hand. So far in 2022, the iShares S&P 500 Value ETF is down 8.5%, while the iShares S&P 500 Growth ETF is down 22.8%.

But, over the last 10 years, growth has outperformed value. A $10,000 investment in the aforementioned growth ETF 10 years ago would now be worth $33,210; the same investment in the value ETF would only be worth $21,680.

Cycles come and go. And when the current trend toward value stocks gives way to one that favors growth stocks, long-term investors who have built significant positions in the best growth stocks will be handsomely rewarded. So what growth stocks should you own right now? Let's have a look at two names poised to lead the way higher.

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Cutting-edge technology often sparks sizzling growth, and that's certainly true today. Advancements in artificial intelligence (AI), machine learning, and cloud computing drive innovation in sectors ranging from automobiles to healthcare. Yet, at the most basic level, these creations rely on a 70-year-old technology: the semiconductor.

Without semiconductors, there is no AI or cloud computing. Constant production and innovation are required to deliver the next generation of chips that make self-driving cars possible or gene editing a reality. And when it comes to semiconductor innovation and production, Advanced Micro Devices(AMD -1.02%) is one of the world's best. It operates across four segments: 1. Data Center, 2. Client, 3. Gaming, and 4. Embedded.

AMD's legacy business includes its Client and Gaming segments, which make chips for gaming consoles and PCs. And while those segments made up $3.9 billion, or 59%, of AMD's second-quarter revenue, they grow much slower than the remaining two segments, Data Center and Embedded.

AMD's Data Center segment generated $1.5 billion in revenue in the second quarter, up 83% year over year. Sales were driven by strong demand for its EPYC chips, which fuel many of the world's cloud servers.

Similarly, the company's Embedded segment grew like a weed, generating $1.3 billion in revenue in the second quarter. After completing its acquisition of Xilinx, AMD incorporated much of that company's operations into its Embedded segment, which largely produces custom-designed chips for the aerospace and defense industries.

The blistering growth rates in AMD's Data Center and Embedded segments help explain the company's staggering 70% year-over-year revenue growth rate in its most recent quarter. And while that sort of growth is truly impressive, the company's five-year average growth rate is even more so, at 38.7%. What's more, analysts expect the company to continue churning out fantastic growth rates. Wall Street forecasts full-year 2022 revenue of $26.2 billion (59.5% growth) and 2023 revenue of $29.6 billion (12.9%).

Whereas AMD produces the hardware (i.e., semiconductors), Snowflake(SNOW -0.75%) is a software company specializing in the red-hot cloud data analytics sector.

Simply put, the cloud computing revolution is well underway, changing how individuals and organizations work. Cloud computing is the process of running applications, storing data, and consolidating security on a centralized cloud server, rather than operating individual workstations. This process results in enormous efficiencies across organizations and reduces costs.

However, cloud computing creates new challenges, too. And Snowflake's signature product, Data Cloud, aims to address one of the biggest. Data Cloud allows customers to collect, classify, and decipher data across multiple cloud platforms. In a world where many organizations rely on multiple cloud vendors, Data Cloud helps customers "see" all their data -- a process that isn't always as straightforward as it might seem.

Snowflake's surging customer base shows just how essential this data aggregation software has become. The company's customer base jumped to over 6,800 as of its most recent quarter (which ended on July 31). That's up from around 5,000 one year ago, an increase of 36% year over year.

What's more, Snowflake doesn't simply garner attention from potential customers; it's caught the eye of arguably the world's most famous investor, Warren Buffett. Berkshire Hathawayowns over 6 million shares of Snowflake, now valued near $1.2 billion.

The analyst community agrees. Wall Street expects Snowflake to record 70% revenue growth for the current fiscal year (which ends Jan. 31, 2023) and 51% the following year.

Investors looking to add a hypergrowth stock need look no further. Snowflake is a name to own now -- and for years to come.

Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Berkshire Hathaway (B shares), and Snowflake Inc. The Motley Fool recommends the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy.

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