Tech stocks have long had a reputation for offering investors significant gains over the long term. The industry is one of the most reliable growth areas, with companies constantly innovating and pushing the sector forward. Meanwhile, consistent consumer demand for upgraded devices and software offers businesses endless opportunities for financial growth.

Many of the world's most successful tech companies operate on the Nasdaq rather than alternative U.S. exchanges, such as the New York Stock Exchange (NYSE). The chart below illustrates how the Nasdaq Composite index has grown significantly more over the last five years than the NYSE index. Narrowing it further, the Nasdaq-100 Technology Sector has outperformed both indexes, illustrating how lucrative tech stocks can be if held over many years.

^NDXT Chart

Data by YCharts.

Advances in budding tech markets, such as artificial intelligence (AI), virtual reality, cloud computing, and more, suggest the industry will continue to offer patient investors substantial gains. So, here are two top tech stocks to buy for the long haul.

1. Amazon

Amazon (AMZN -3.06%) has won over Wall Street this year, with its stock up 67% since Jan. 1. The company is on a promising growth trajectory and could be among the best investments for long-term-minded stockholders. Amazon dominates two high-growth areas of tech with its e-commerce and cloud businesses. Meanwhile, the company is making promising inroads in AI.

Macroeconomic headwinds caused steep declines in Amazon's retail segments in 2022, which account for over 80% of its revenue. However, various restructuring moves have led to an impressive recovery this year, illustrating the strength of management and the company's long-term earnings potential.

In the third quarter of 2023, Amazon's North American segment hit over $4 billion in operating income, a significant turnaround from the $412 million in losses it posted in the year-ago period. The spike in retail profits came alongside a 13% increase in total revenue, beating analyst expectations by over $1.5 billion.

The company's e-commerce business is back on track. Meanwhile, it is rapidly expanding its AI offerings on its cloud platform, Amazon Web Services, carving out its place in the budding market.

Amazon's long-term outlook is seemingly growing stronger by the day, and Wall Street appears to agree. The company's average 12-month price target is $172, forecasting stock growth of 24%. Amazon has massive potential in the coming years as e-commerce and AI continue to expand, with its stock a screaming buy right now.

2. Advanced Micro Devices

All eyes have been on chipmakers this year as expansions in sectors such as AI and cloud computing have highlighted how crucial chips are to the future of tech. These companies are powering devices and various software platforms across the industry and have much to gain as tech develops.

Advanced Micro Devices (AMD 0.04%) shares have climbed 73% year to date, rallying investors with plans to make a big splash in AI in 2024. The company is gearing up to challenge Nvidia's dominance by launching a new AI graphics processing unit (GPU). If AMD's chips can offer competitive price-to-performance, revenue could skyrocket next year.

CEO Lisa Su revealed in AMD's third-quarter 2023 earnings call that the company expects data center GPU revenue to hit $400 million in Q4 but exceed $2 billion in 2024 as AI GPU sales soar. AI-driven companies have been calling for increased competition in the market as more options will reduce the cost of AI hardware. AMD has an exciting opportunity to snap up market share in the burgeoning industry and vastly expand its business.

AMD shares have risen 13% since posting Q3 2023 results on Oct. 31. The company posted revenue growth of 4% year over year, beating analysts' expectations by $110 million. The tech giant has faced challenges over the last year, burdened by PC market declines. However, AMD has a solid outlook over the long term as it expands its position in AI and continues to supply its chips across tech.

As a leading chipmaker, AMD is well-positioned to profit substantially as the tech market develops, making its stock an excellent option to buy for the long haul.