July 20, 2024

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2 Millionaire-Maker Technology Stocks

2 min read

Buying and holding solid technology stocks for a long time is a tried and tested way of making money in the stock market. This strategy allows investors to both capitalize on the disruptive innovation in this sector and benefit from the power of compounding.

For instance, a $1,000 investment made in the Nasdaq-100 Technology Sector index a decade ago is now worth more than $5,000. Of course, the index has had its ups and downs during these 10 years, but investors who were savvy enough to put their money into potential long-term winners have seen their investments grow significantly.

A $5,000 investment in Nvidia a decade ago is now worth almost $1.35 million, suggesting that tech stocks have the ability to make investors millionaires in the long run. Of course, not every tech stock is Nvidia, and investors shouldn’t be under the impression that putting their money into a single company could help them become millionaires.

However, buying solid tech stocks as part of a diversified portfolio could help you eventually construct a million-dollar portfolio in the long run. Tech stocks Super Micro Computer (NASDAQ: SMCI) and SoundHound AI (NASDAQ: SOUN) are both sitting on massive growth opportunities that could send their shares flying and may even help investors become millionaires.

1. Super Micro Computer

Super Micro Computer, also known as Supermicro, has been one of the top stocks on the market in the past year. An investment of $1,000 in this stock a year ago is now worth $4,000, and it remains a solid buy thanks to its attractive valuation.

Supermicro’s price-to-sales ratio of 4.4 and forward earnings multiple of 23 make buying the stock a no-brainer, especially considering its outstanding growth. The company, which makes servers, is on track to finish the current fiscal year with $14.9 billion in revenue, which would be more than double the revenue it generated in the previous fiscal year.

More importantly, Supermicro is taking steps to ensure that it can remain a…

2024-06-22 18:30:00

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