Sooner or later, investors will stop fearing the “phantom recession,” i.e. the recession that really doesn’t exist except in many economists’ imaginations. At that point, many growth stocks should come soaring back. The latest evidence supporting my “phantom recession” theory came last week, when S&P reported that the U.S. private sector Purchasing Managers’ Index for April came in at 53.5 in April, up from 52.8 in March. Moreover, the nation’s Services PMI rose to 53.7, well above analysts’ average estimate of 51.5. Since services generate the lion’s share of U.S. economic output and the line between expansion and contraction among PMI stands at 50, the 53.7 reading indicates that the American economy is actually quite strong.

That being said, and believing growth stocks will benefit from “phantom recession” realizations, here are some top stocks to consider.

EVgo (EVGO)

Electric vehicle charging company EVgo (NASDAQ:EVGO) just reported a blowout fourth quarter. In fact, it posted a loss of just four cents, which was far better than expectations for a loss of 14 cents. Better, sales skyrocketed to $27.3 million in the quarter, as compared to estimates of $20 million.

Also, as a partner of General Motors (NYSE:GM), EVgo is very well-positioned to benefit a great deal from the automaker’s launch of several new EV models this year, including electric versions of its popular Silverado, Blazer, and Equinox trucks. Since those trucks are going to need a great deal of electricity to run, they should generate a large amount of revenue for EVgo each time they’re recharged.

BlackBerry (BB)

BlackBerry’s (NYSE:BB) secure, high-performance operating system, QNX is being installed in automobiles. It’s also being used by medical and industrial firms.  Even better, revenue generated by QNX  climbed 16% during BB’s last fiscal year to $206 million, and the backlog of its QNX royalties came in at a record $640 million at the end of the fiscal year. Moreover, during the company’s earnings call, CEO John Chen reported that, for “most” of the orders for QNX that the company has already received but has not yet recorded as revenue, it will obtain $9 to $12 per vehicle.  Historically, the company has only received $3 to $5 per vehicle for QNX.

With the revenues it still expects to receive, BB expects QNX’s overall sales to climb 17% to 20% this year and over 20% in each of the next couple of years, Chen stated. Over the longer term, Chen expects QNX to generate $25 per vehicle, pushing its overall, annual, revenue growth rate above 20%. Another key, positive catalyst for BB stock will be IVY — its platform that automakers can use to sell apps to their customers.

BioNano (BNGO)

Bionano’s (NASDAQ:BNGO) preliminary total revenues for the first quarter of 2023 are expected to be in the range of $7.3 million to $7.5 million, which would represent growth of about 28% to 32% year over year.  In addition, the total number of its installed Saphyr systems, which allow for optical genome mapping, came in at 259 at the end of the first quarter.  That was a year-over-year increase of about 47%.  Even better, the first quarter would represent the 10th consecutive quarter of quarter-over-quarter revenue growth. If that trend continues, the sales and use of Saphyr are likely to greatly accelerate going forward as institutions learn that they can be reimbursed for many OGM tests using Saphyr.

Cadence Design Systems (CDNS)

Cadence (NASDAQ:CDNS) is benefiting from multiple trends, including the proliferation of 5G and the much greater use of chips by automotive and industrial companies. On April 24, Cadence reported that its top line had climbed 13% year-over-year to $1.02 billion, roughly in line with analysts average estimate. Moreover, the company reported that its net income, excluding certain items, had risen to $351.4 million from $323.6 million during the same period a year earlier. Finally, the firm’s earnings per share came in at $1.29, well above analysts’ average estimate of $1.25.

Array Technologies (ARRY)

Array (NASDAQ:ARRY) reported that its revenue had soared 83% year-over-year to $402 million. That beat analysts’ average estimate by a significant $38 million. Moreover, its EBITDA, excluding certain items, jumped to $51.7 million from just $500,000 during the same period a year earlier. For all of 2023, the company expects its revenue to jump to $1.8 billion-$1.95 billion from the $1.64 billion of revenue that it generated last year.

In addition, Truist Securities upgraded the stock to “buy” from “hold,” citing improvements in the company’s margins, which rose to about 20% last quarter. Truist is also pleased with upgrades to Array’s products. The form raised its price target on ARRY stock to $26 from $22.

Charles Schwab (SCHW)

Charles Schwab (NYSE:SCHW) is benefiting from millennials’ increased interest in stocks and investing that began during the pandemic. In fact, in the first quarter, the company’s top line climbed 10% year-over-year, while its earnings per share jumped 24% to 83 cents. Also, last quarter, “clients opened over 1 million new brokerage accounts and entrusted us with $132 billion of core net new assets – including over $53 billion in March alone,” CEO Walt Bettinger noted in an earnings press release.  Also, worries about the company’s banking business are overdone, with deposit outflows easing in Q1.

General Motors (GM)

In a strong indication that worries about the U.S. economy are greatly overdone, General Motors (NYSE:GM) delivered very strong, “beat-and-raise” first quarter results on April 25. The automaker’s top line jumped 11% versus the same period a year earlier to nearly $40 billion, while its automotive operating cash flow climbed an incredible 36.5% year-over-year to $2.23 billion. Meanwhile, its earnings per share rose 25% to $1.69. On the guidance front, GM increased its full-year EBIT guidance, excluding certain items, to $11 billion to $13 billion from $10.5 billion to $12.5 billion. With Americans and Chinese citizens both traveling a great deal, GM should benefit from strong demand for its automobiles in the quarters and years ahead.

As of the date of publication, Larry Ramer owned shares of BNGO, BB, and EVGO. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.