Are you on the hunt for a few good growth stocks? Here's a little secret: The longer you can hold them, the more likely you are to reap their full reward.

Or, as the brilliant Benjamin Graham once explained it, "In the short run, the market is a voting machine, but in the long run it is a weighing machine." It just means that while a company's true value eventually shines through, a stock's price can be unpredictably erratic in the near term.

To this end, here's a closer look at three brilliant growth stocks that are not only solid long-term prospects but are arguably best utilized as long-haul positions.

1. Lam Research

Lam Research (LRCX -0.66%) isn't a household name, but there's a good chance you or someone in your household regularly benefits from its technology. This company supplies the semiconductor industry with the software and foundry tools like etching, cleaning, and measurement equipment required to manufacture state-of-the-art silicon.

Such advanced products weren't always necessary. As other aspects of computers have improved, however, the need for higher-performance chips has exploded. Better manufacturing processes have proven one of the best ways for semiconductors to rise to the occasion, so to speak. That's why Lam Research sells on the order of $16 billion worth of this technology per year, although its top line can be inconsistent at times.

Sure, the stock's been a subpar performer since the middle of last year, when it became clear its business was running into a cyclical headwind after a fantastic growth streak just the year before.

Now, take a step back and look at the bigger picture. The world's reliance on chips is only going to continue growing, particularly now that artificial intelligence is proving itself.

The thing is, each generation of this silicon is going to be expected to be better than the last. For that to happen, the industry is going to need to get better and better at extracting maximum performance from a minimal amount of material. Lam Research is one of only a few names in the support and equipment sliver of the semi manufacturing business that can effectively help make that happen.

2. Palantir Technologies

Speaking of artificial intelligence, most investors recognize that this game-changing technology is here to stay, and rightfully so. Some investors may have even tinkered with consumer-friendly AI-powered apps like ChatGPT or Microsoft's Copilot.

The real monetization potential of artificial intelligence is on the enterprise front. However, it helps institutional-sized organizations make good use of the mountains of digital data they've been gathering for years.

Enter Palantir Technologies (PLTR 1.06%).

In simplest terms, Palantir provides data-driven decision-making services; you know these better as artificial intelligence platforms. More than just a bunch of well-arranged data nuggets, this company's tech seems to understand the more nuanced, complex, and arbitrary details that aren't quantifiable in even the most advanced spreadsheets. From tactical assistance on a field of combat to analysis of investment portfolios to the optimization of oil and gas drilling assets (and more), Palantir's platforms provide real value.

This isn't merely theoretical software. Palantir Technologies has been selling commercialized access to its tech for some time. It even partnered with the U.S. Center for Disease Control and the Department of Health and Human Services during the COVID-19 pandemic to make the agencies' effort to curb the contagion more effective, in many ways putting the up-and-coming company on the proverbial map.

There's still more opportunity for growth ahead of it than behind it, though. Industry research outfit Precedence Research says the decision intelligence market is poised to grow at an annualized pace of nearly 16% through 2034.

As a market leader, however, Palantir looks positioned to capture more of this growth. Analysts are calling for top-line growth of more than 32% this year to slow to a still-impressive 26% next year en route to 2027 revenue growth of a little more than 40%. Earnings are projected to improve at a similar pace.

3. Wolfspeed

Last but not least, add Wolfspeed (WOLF 4.92%) to your list of brilliant growth stocks to buy and hold for the long haul.

It's another name you've probably never heard of. As was the case with Palantir Technologies and Lam Research, though, don't let that dissuade you. Customers are going to need its technological solutions a great deal more in the immediate future than in the recent past.

Wolfspeed makes a range of silicon carbide solutions, from power modules to diodes to MOSFETs (metal-oxide-semiconductor field-effect transistors). That won't mean much to most people, but this will: Silicon carbide tolerates more heat and higher voltage than ordinary silicon does, thus allowing it to be used for higher-voltage and higher-amperage applications like electric vehicles, data center power supplies, solar power systems, and EV charging stations, just to name a few.

While it's not a brand-new application of a fairly simple idea, the benefits of this resilient silicon-based material are just now starting to be fully appreciated. That's why Global Market Insights expects the worldwide silicon carbide market to grow from last year's $4.2 billion to $80.2 billion by 2034.

Being one of only a few names in the business -- not to mention one of the biggest -- Wolfspeed has much to look forward to over the course of the coming decade. Indeed, it might take that long for this company to work its way out of the red and into full profitability mode.

It's arguably worth the wait, though, at least according to the analyst community. The current consensus price target stands at $9.07, which is 76% better than the stock's present price. You should be looking further down the road than this target is, but that's still not a bad tailwind to start a new position.