The Nasdaq is home to many of the best growth stocks in the world. But to join the Nasdaq 100 index is particularly exclusive, since as the name implies, it contains the top 100 (nonfinancial) stocks on the exchange.

Wall Street expects Shopify's adjusted earnings to increase at 25% annually through 2025. That makes the current valuation of 94 times adjusted earnings look rather expensive, but patient investors comfortable with volatility can still purchase a small position today. Shopify has reported above-consensus earnings for eight straight quarters.

Palantir Technologies has been one of the hottest stocks on the market over the past couple of years, clocking eye-popping gains of more than 1,100% as of this writing thanks to its accelerating growth that's being driven by the booming demand for artificial intelligence (AI) enterprise software.