The artificial intelligence (AI) market exploded since the start of last year, creating many millionaires along the way. The vast potential of the technology and its ability to boost countless industries made investors bullish about nearly every company that has ventured into AI. In fact, the Nasdaq-100 technology sector soared 35% since last June, primarily driven by AI excitement.
Despite the industry's meteoric rise, AI appears nowhere near hitting its ceiling and will likely create more millionaires in the coming years. Data from Grand View Research shows the AI market hit nearly $200 billion in spending in 2023 and projects that figure to reach just under $2 trillion by the end of the decade as the sector expands at a compound annual growth rate of 37%.
As a result, it could be worth investing in some of AI's most prominent players and potentially profit from the market's long-term growth. Here are two millionaire-maker artificial intelligence stocks that could be worth buying this June.
1. Nvidia
Few companies benefited from the boom in AI as much as Nvidia (NVDA -3.01%). The company's stock skyrocketed 223% since last June as it has achieved an estimated 90% market share in AI chips.
Years of dominating the graphics processing units (GPUs) market paved the way for Nvidia to get a head start in AI, while rivals like Advanced Micro Devices and Intel scrambled to catch up. GPUs are the preferred chips for training AI models, so as the industry has grown, so has Nvidia's earnings.
The chipmaker posted its first quarter of 2025 (ending April 2024) earnings on May 22, reporting revenue growth of 262% and a 690% increase in operating income. The quarter saw Nvidia enjoy another period of increased AI chip sales, reflected in data center revenue growth of 427%.
Nvidia's rise to the top of the chip market secured it a powerful role in AI that's unlikely to dissipate any time soon. Meanwhile, growth catalysts in other tech areas, like video games, PCs, self-driving cars, and more, could deliver gains for years.
Data by YCharts.
Moreover, despite a soaring stock price, Nvidia's stock actually increased in value over the last year. The company's price-to-free cash flow ratio and price/earnings-to-growth ratio decreased by double digits, suggesting Nvidia's stock is potentially trading at its best value in months.
As a result, Nvidia is a millionaire-making stock that's just too good to pass up and has massive growth potential in the coming years.
2. Microsoft
While Nvidia dominates the hardware side of AI, Microsoft (MSFT -1.13%) achieved a leading role in AI software. The tech giant was an early investor in the market, sinking $1 billion into ChatGPT developer OpenAI in 2019. That investment has since grown to $13 billion, giving Microsoft exclusive access to some of the most advanced AI models in the industry.
Microsoft's partnership with OpenAI has allowed it to boost multiple areas of its business with AI. Over the last year, the company has introduced new generative features to its Office productivity suite, expanded its library of AI tools on its cloud platform Azure, and even announced a venture into chip design. Microsoft has gone full force into AI, and its efforts are beginning to reflect in its earnings.
In the third quarter of 2024 (which ended March 2024), Microsoft's revenue increased by 17% year over year, with operating income jumping 23%. The company's intelligent cloud segment enjoyed a significant boost from AI, posting revenue and operating income gains of 21% and 32%, respectively.
Microsoft's Azure has major growth potential in AI as companies increasingly turn to cloud services to integrate the technology into their businesses. Azure has the second-largest cloud market share at 25% but is gaining on industry leader Amazon Web Services (AWS). In Q4 2023, Azure's cloud market share increased by 2 percentage points, while AWS' decreased by 2 points.
Microsoft's stock rose 224% since 2019, no doubt creating more than a few millionaires along the way. Meanwhile, the emergence of AI indicates it's not done yet. Shares in Microsoft aren't the biggest value, with its forward price-to-earnings ratio at 36. However, the company's dominant role in AI and financial resources make its stock worth its premium price tag and one to consider before it's too late.
