There’s no doubt that Nvidia is hot at the moment, but there are several UK growth shares that I like even more.
Of course, AI is dominating headlines and generating plenty of FOMO among investors. While Nvidia is exceptional, I think there are opportunities closer to home that are cheaper and more attractive.
So, here are two big-name UK growth shares that I find just as exciting as Nvidia – without the lofty price tag.
Defence sector leader
BAE Systems (LSE: BA.) is one stock that could benefit from the UK government’s commitment to lift defence spending to 2.5% of gross domestic product (GDP) from April 2027.
A bold spending commitment like this gives top defence contractors confidence to invest and hire, because there is greater visibility about the future pipeline.
The company’s own numbers underline this. In the 2025 full-year update, the order backlog grew to a record £83.6bn, with order intake of £36.8bn. That provides a really strong future growth platform underpinned by rising global defence spending.
After all, the defence sector isn’t just about flashy new programmes. Upgrades, munitions, maintenance, and the like can support revenues when platform developments are delayed or cancelled.
Of course, there are plenty of risks. Procurement is heavily tied to politics, and contracts can be delayed or reshaped by the government of the day. There are also ethical considerations for investors to consider.
Supply chains can also get tight when multiple countries ramp up spending at once, which is a risk as geopolitical tensions rise among allies and enemies alike.
Betting on nuclear?
Rolls-Royce (LSE: RR.) offers something different again. The company has been on a successful turnaround journey and is also a big player in defence. However, its status as a force to be reckoned with in the growing UK nuclear energy sector has caught my eye.
The company was chosen in June 2025 as the preferred bidder to develop and build the UK’s first small modular reactors (SMRs) in partnership with Great British Energy – Nuclear.
The UK government is committing over £2.5bn to that project at Wylfa, in addition to its £14.2bn investment in the 3.2GW Sizewell C nuclear project.
My first thought was the potential market opportunity that exists in nuclear energy. My second was how well-positioned early winners like Rolls-Royce are to capitalise on that.
Of course, nuclear projects can be tricky. Regulation is clearly strict, project timelines can slip, and costs can rise quickly in large, complex programmes.
However, energy security is clearly a top priority. The company’s strong market position leaves it well-positioned for further growth in my view.
All in all, I think the current price-to-earnings (P/E) ratio of 19.3 could look cheap despite recent gains.
Key takeaways
While neither of these stocks offers much in the way of dividend yield, I think they’re high-quality growth shares for investors to consider.
BAE Systems offers exposure to a defence spending environment that looks set to grow in the years ahead. Rolls-Royce is a growing presence in the UK nuclear energy sector, which looks to be a long-term focus.
Despite each having their fair share of risks, they provide something very different to the likes of Nvidia closer to home.
