2 Millionaire-Maker Technology Stocks to Watch
The tech industry is home to some of the most innovative and lucrative companies in the world. To turn a relatively small investment into $1 million, you need to look for fast-growing companies operating in a large market. Ideally, you should look for companies growing their revenue at high rates. Companies posting consistently high growth rates in revenue indicates growing demand for a product that is filling a massive market opportunity.
Cybersecurity: A Growing Concern
Annual spending on cybersecurity is growing rapidly and is estimated to reach $87 billion this year. It will only continue to grow, as the cost of cyberattacks on organizations is mounting. For example, McKinsey estimates the damage caused by cyberattacks will reach $10 trillion by 2025. These trends point to tremendous upside for cybersecurity leader CrowdStrike Holdings.
Cybersecurity is a growing concern for organizations.
CrowdStrike Holdings
The company is showing strong growth, with revenue up 33% year over year in the April-ending quarter. These revenue gains are the result of CrowdStrike being chosen by 62 of some of the largest companies in the world as their cloud security provider, but its momentum is set to continue.
“The growing cost of cyberattacks makes cybersecurity essential for just about every company in the world, so it’s not inconceivable that CrowdStrike could rank high on the list of valuable companies down the road.”
CrowdStrike has a valuable partnership with artificial intelligence (AI) leader Nvidia, which allows CrowdStrike to offer Nvidia’s AI computing services within its Falcon security platform to enhance threat detection.
AI: The Future of Technology
Another market that is a ripe field for millionaire-making stocks is AI. Restaurants and automotive companies are adopting Soundhound AI’s voice AI technology, which is driving strong top-line growth.
AI is the future of technology.
Soundhound AI
Revenue grew 73% year over year in the first quarter. The company has an advantage with billions of customer interactions to improve the capability of its voice recognition technology, which could lead to more innovation and customer wins over time.
Soundhound has an impressive list of customers in the restaurant industry, including Applebee’s and Church’s Chicken, that are using the company’s technology for ordering. Restaurants are clearly finding great value in the speed and efficiency of processing orders, which is very encouraging for this rising star.
What’s more, SoundHound is also partnering with Nvidia to offer generative AI-powered responses in cars running on Nvidia DRIVE. This could open up Soundhound’s growth opportunity in the automotive sector and expand its addressable market opportunity over the long term.
Nvidia DRIVE is a platform for autonomous vehicles.
Conclusion
Both CrowdStrike Holdings and Soundhound AI are growing companies that could potentially help you become a millionaire investor. However, it’s essential to do your research and consider the risks involved before investing in any stock.
Investing in the right stocks can lead to significant returns.
