There have never been more millionaires than today. In fact, according to Statista, there are more than 22 million millionaires in the U.S. alone. That's up from fewer than 8 million in 2000.
Undoubtedly, one of the biggest reasons for the rising number of millionaires is the stock market.
So, what are some artificial intelligence (AI) stocks that might help push that figure even higher? I have my eye on three.
Image source: Getty Images.
1. Palantir Technologies
First up is Palantir Technologies (PLTR 3.73%). Up 239% in only 12 months, Palantir is well on its way to making plenty of shareholders wealthier.
The company operates a data analytics platform that serves two segments: government and commercial.
Its government clients include the U.S. Department of Defense, the U.K. National Health Services, and the U.S. Centers for Disease Control and Prevention. Commercial clients include Morgan Stanley, Airbus, and Merck.
Business is booming, as evidenced by the company's fourth-quarter earnings report. Highlights from that report included:
- Overall revenue growth of 20% year over year.
- U.S. commercial revenue growth of 70% year over year.
- U.S. commercial customer count growth of 55% year over year.
- Free cash flow of $731 million over the last 12 months.
In short, businesses (particularly American ones) are racing to sign up for Palantir's AI-driven data analysis. Many organizations -- and their leadership -- find it tough to cut through the haze of data they produce, making it difficult to spot trends and identify opportunities. Palantir offers a remedy -- making it a company worth remembering for long-term growth-oriented investors.
2. Super Micro Computer
Arguably the hottest stock on Wall Street, Super Micro Computer (SMCI 8.89%) has climbed an eye-popping 1,060% over the last 12 months -- meaning a $1,000 investment last March would have grown to nearly $12,000 today.
The company makes much of the physical hardware needed to store, cool, and operate cutting-edge graphics processing units (GPUs). This isn't as straightforward a process as you might imagine -- the H100 GPU, Nvidia's flagship product, is often bundled in groups of eight, with the entire unit weighing between 300 pounds and 400 pounds and generating about as much heat as a patio heater or a commercial convection oven.
What's more, with a unit cost of around $40,000 per H100, it should go without saying that the owners of these high-priced GPUs want to get top performance from their new AI chips -- meaning they're willing to pay up for top-of-the-line server racks and accessories.
As a result, Super Micro Computer's sales are going through the roof.
In only three years, Super Micro Computer's annual revenue jumped from $3.4 billion to more than $9.2 billion. Moreover, sales are expected to rise to $14.5 billion in 2024 and $19.8 billion in 2025.
Granted, the company's stock has gone parabolic, and it's not a wise choice for every investor. But for those wanting a high-octane growth stock that is riding the AI revolution like no other, Super Micro Computer is a name to consider.
3. Microsoft
Finally, there's Microsoft (MSFT 1.82%) -- a company that has made its share of millionaires, and even a few billionaires.
Compared to many of the hottest AI stocks, Microsoft's 10% year-to-date return looks like small potatoes. But this is the world's largest company, with a market cap of $3 trillion. What's more, its track record since CEO Satya Nadella took the helm 10 years ago is fantastic. Under his leadership, Microsoft has grown its annual revenue from $83 billion to $228 billion as its focus shifted to the cloud.
MSFT Revenue (TTM) data by YCharts.
In addition, the company continues to innovate. Its latest creation is Copilot for Microsoft 365. As the company puts it:
"Microsoft Copilot for Microsoft 365 combines the power of large language models (LLMs) with your organization's data -- all in the flow of work -- to turn your words into one of the most powerful productivity tools on the planet."
In practice, this means users will now be able to access real-time, AI-powered tools that are integrated into popular programs such as Word, Excel, Outlook, and PowerPoint. That should drive real-world productivity gains for individuals and businesses -- further cementing Microsoft 365's place as the must-have business software suite.
To sum up, Microsoft is the biggest company for a reason. Moreover, given its strong leadership, innovative products, and massive scale, its stock is likely to keep producing millionaires for a long time.
