Artificial intelligence (AI) has been one of the hottest investing themes on the stock market in 2023, which is not surprising as the rapid adoption of this technology has supercharged the growth of many companies.

Nvidia (NVDA -0.05%) and Super Micro Computer (SMCI -1.60%) are two such companies that have benefited big time from AI proliferation this year, and this is reflected in the eye-popping gains both tech stocks have delivered in 2023. Both Nvidia and Super Micro have more than tripled investors' money this year. Nvidia is up 227% as of this writing, and Super Micro has delivered gains of 221%.

The good part is that Nvidia and Super Micro are at the beginning of a massive growth curve that could send their shares higher in the long run. So, if you have $200,000 in investible cash now after paying off your bills, clearing your high-interest debt, and having saved enough for a rainy day, you may consider investing that amount in these two stocks -- either individually or combined -- as they could turn that into a million. Let's see how.

1. Nvidia

Nvidia is one of the pioneers in the field of AI as the company's graphics processing units (GPUs) play a critical role in training large language models (LLMs), which are then used for deploying generative AI models such as ChatGPT, among others. The immense computing power of the company's GPUs makes them ideal for training such models, and the good part is that Nvidia has raced ahead of its rivals in this niche.

Nvidia's share of the AI chip market reportedly stands at 80%, according to third-party estimates. With the AI chip market set to clock a compound annual growth rate (CAGR) of 38% through 2032, when it is expected to generate $384 billion in annual revenue compared to $15 billion in 2022, it is easy to see why Nvidia has been delivering breathtaking growth quarter after quarter.

The company's revenue for the third quarter of fiscal 2024 (which ended on Oct. 29, 2023) was up a whopping 206% year over year to $18 billion. Adjusted earnings increased at a much faster pace of 593% to $4.02 per share. The chipmaker is anticipating $20 billion in revenue in the ongoing quarter, which would be a 230% year-over-year increase. This accelerating growth at Nvidia isn't surprising as customers have been lining up to get their hands on the company's H100 data center GPU as well as new offerings, such as the GH200 Grace Hopper Superchip.

More importantly, Nvidia is focused on maintaining its leading position in the data center GPU market. The company plans to do that by moving toward a more aggressive product roadmap, under which it will shorten the launch cycle of new AI chips. This move could help Nvidia sustain its impressive share of the AI chip market in the long run by helping it stay ahead of its rivals, who have already been late to the AI game.

Not surprisingly, Nvidia is expected to deliver robust top and bottom-line growth over the next few years.

Fiscal year

Revenue estimate (in $billion)

Year-over-year growth (%)

Earnings per share estimate

Year-over-year growth (%)

2024

$59

118%

$12.30

268%

2025

$89

51%

$19.63

60%

2026

$106

19%

$23.64

20%

Source: YCharts.

Additionally, we saw earlier that the AI chip market could be worth a whopping $384 billion after a decade. If Nvidia manages to sustain its dominant position and controls 80% of this market at that time, its annual revenue could hit over $300 billion after a decade. Multiply that with the stock's five-year average sales multiple of 20 points toward a $6 trillion market cap after 10 years, which would be more than five times the current level.

So, Nvidia has the potential to turn $200,000 into a million over the next decade. However, Wall Street is anticipating even faster growth from Nvidia, with one analyst anticipating that the company could hit the $300 billion annual revenue mark by 2027. All this indicates that investors looking for a growth stock that could help them become millionaires may want to buy Nvidia hand over fist before it flies higher.

2. Super Micro Computer

The AI revolution has also supercharged Super Micro Computer's growth in 2023. The demand for the company's modular server solutions has increased so much this year that it is finding it difficult to fulfill orders. That's not surprising as shipments of AI servers are anticipated to increase 40% this year, according to market research firm TrendForce.

The company's revenue was up 36% in fiscal 2023 (which ended on June 30, 2023) to $5.2 billion. In fiscal 2024, Super Micro sees its revenue increasing at a faster pace of 48% to $10.5 billion. Even better, Super Micro management is confident it could achieve its $20 billion annual revenue target within a couple of years, but don't be surprised to see it sustain such a terrific pace of growth for a longer time.

That's because the company is upgrading its capacity to support higher annual revenue in the future by expanding its infrastructure in Malaysia. CEO Charles Liang said on the company's November earnings conference call:

Today, with utilization rate at about 60%, our U.S. headquarter and Taiwan facility can easily support at least $18 billion in revenue. The new Malaysia facility will serve building blocks with high volume scale and improved cost structure, while pushing our total revenue capacity to a much higher scale than $20 billion.

It is worth noting that a 60% utilization rate at the company's current facilities can support $18 billion in annual revenue. So, a 100% utilization rate means that Super Micro Computer's existing infrastructure could help generate $30 billion in annual revenue. As a result, the company's new facility in Malaysia points toward a stronger top line in the long run once it is online.

The global AI server market is expected to grow fivefold in the next five years to $150 billion in 2027, according to Foxconn, which translates into a CAGR of 38%. Super Micro seems on track to substantially multiply its revenue as a result of this tremendous growth opportunity thanks to its focus on capacity improvements and partnerships with the likes of Nvidia, which could lead to market share gains, according to Barclays analyst George Wang.

Assuming Super Micro Computer does achieve the $30 billion revenue milestone in five years, its market cap could hit $75 billion based on the S&P 500 index's sales multiple of 2.5. That would be 5 times the company's current market cap, indicating that it is capable of turning $200,000 into a million in the future.

As Super Micro is trading at just 2.2 times sales right now, now would be a good time for investors to load up on this AI stock, considering the healthy gains it could deliver in the long run.