Following the epic gains in many growth stocks in 2020, it wasn’t surprising to see them pull back earlier this year. Many of these highly valued stocks were arguably overdue for a breather. But with lots of growth stocks finally starting to make a comeback, is the growth stock bull market about to make a comeback?

Not only did the tech-heavy Nasdaq Composite outperform the S&P 500 last week by almost a full percentage point, but many growth stocks rose even faster than the Nasdaq. Here’s a look at three growth stocks that surged last week, signaling a potential comeback in high-growth tech stocks.

NVIDIA stock: Up 8.5% last week

Shares of semiconductor specialist NVIDIA (NASDAQ:NVDA) jumped in the days after its earnings report last week.

It’s worth noting that during the growth stock beating that lasted through most of earnings season, better-than-expected results weren’t enough to lift shares of these companies. Indeed, many growth stocks fell even after reporting results that were well ahead of analyst estimates. So NVIDIA’s post-earnings rise is a change growth stock investors are welcoming warmly.

NVIDIA reported fiscal first-quarter revenue of $5.66 billion, up 84% year over year. 

NVIDIA shares, which largely dodged the growth stock beating of early 2021, hit all-time highs during the week.

CrowdStrike stock: Up 5.4% last week

CrowdStrike (NASDAQ:CRWD) shares have been getting a lift ahead of the company’s earnings report on June 3. The cybersecurity specialist impressed investors when it reported its fiscal fourth-quarter results on March 16 with a 74% year-over-year increase in revenue. Furthermore, management said that its subscription customers that had adopted five or more modules had risen to 63% of its total subscription customer base.

Management forecast fiscal first-quarter revenue to be between $287.8 million and $292.1 million. Analysts, on average, expect revenue for the period to come in at $291.4 million.

With shares trading at about $223, they are still well below their 52-week high of $251.28.

Peloton stock: up 9.4% last week

Connected fitness company Peloton (NASDAQ:PTON) gained about 10% last week. But shares are still down more than 35% from an all-time high achieved late last year.

Peloton’s underlying business has been firing on all cylinders, with third-quarter revenue increasing 141% year over year to nearly $1.3 billion. Connected fitness subscriptions rose 135% year over year to 2.08 million. 

But the company has run into some near-term challenges as it recalls its treadmills. In addition to recalling the product, the company stopped selling and distributing its Tread+ and Tread products and offered a refund to customers who wanted to return their treadmills. 

Despite the challenges, one analyst from J.P. Morgan recently said he believes that Peloton management remains confident in the demand for its products.

Image source: Getty Images.

While all three of these stocks’ moves have their own reasons, they’re just a small subset of the many growth stocks that seem to be gaining momentum lately.

Whether these are the early innings of a resurgence in growth stocks or not, investors should always remain focused on the underlying businesses as we have no control over the market’s always-shifting mood.