When it comes to looking for millionaire-making tech stocks, your best bet is to try to find small to mid-sized growth companies that have big potential. After all, a stock would need to go up 100x to turn a $10,000 investment into a $1 million.
While these type of investment gains do occur, they are very rare. However, many of the largest companies in the world today have seen these types of gains over time, including the likes of Apple, Nvidia, Microsoft, Alphabet, and Amazon. It also takes time and patience.
Let's look at two stocks with millionaire-making potential.
1. Palantir
With a $200 billion market cap, Palantir (PLTR 4.85%) would have to become a $20 trillion company in the next 20 to 30 years for an investor to turn $10,000 into $1 million.
While $20 trillion sounds like an insane value for a company, decades ago investors probably weren't expecting to see stocks with trillion-dollar market caps. Fast forward to today, though, and there are a handful of companies with valuations of well over a trillion dollars.
NASDAQ: PLTR
Key Data Points
At the end of a day, for a stock to go up 100x over decades, it's all about the company and what it is able to become. Palantir's stock is not cheap by any stretch of the imagination, but many of the world's largest companies today went through periods of high valuations when they were younger.
What gives Palantir the opportunity to become a millionaire-making stock is its technology platform. While most tech companies have zigged in the direction of creating AI models or AI agents, Palantir has zagged to try to become the artificial intelligence (AI) operating system for companies by focusing on the application and workflow software layers.
It's not a bad strategy. If you look on the list of the world's largest companies, three of them developed dominant operating systems. Microsoft did this with personal computers (PC), while Apple and Alphabet did this with smartphone operating systems. Nvidia, meanwhile, just introduced a data center operating system.
If Palantir is able to become the dominant AI operating system with its AI platform, then it becoming one of the largest companies on the planet over the next couple of decades is not that farfetched. Palantir has done a great job of attracting commercial customers to its platform through its AI bootcamps, during which the company helps them create AI solutions to handle various use cases.
As Palantir proves that it can take these customers from proof-of-concept to real-world environments, the company should see tremendous growth ahead. While there are plenty of risks, Palantir still has some of the best long-term prospects around.
Image source: Getty Images.
2. SoundHound AI
Another company that has potential to be a huge winner over time is SoundHound AI (SOUN 6.48%). The company has developed an AI voice platform that uses speech-to-meaning and deep-meaning-understanding technology to better understand a user's intent and provide users a better experience.
The company generates revenue through licensing, receiving royalties on every product sold with its technology, or through subscriptions. The company has made strong early inroads in the automobile space improving vehicle voice assistants, as well as in the restaurant sector, where its technology can take orders over the phone or at drive-thrus, as well as help with employee training.
NASDAQ: SOUN
Key Data Points
The company's acquisition of Amelia last year, meanwhile, added additional areas to the mix such as healthcare, financial services, and retail, among others. SoundHound noted strong customer momentum in a number of these areas last quarter.
Voice AI, meanwhile, is starting to merge into agentic AI, which is where SoundHound's biggest opportunity ultimately lies and what could help take it from a $4 billion market cap to a $400 billion market cap in the coming decades.
Agentic AI is where AI agent can perform tasks on a user's behest with little human supervision. The uses, in combination with AI voice technology, are numerous.
One good example would be helping a patient who has called a medical practice looking to make an appointment with a specialist. An AI agent could help the patient find the right doctor, schedule an appointment, gather all their insurance information, and retrieve medical records from a referring physician.
SoundHound is building its agentic capabilities and will do so for every major vertical it is in. Success in this area will likely be the biggest determining factor if the stock can become a millionaire-making investment.
However, it will face competition. Companies like Salesforce are going after the agentic market hard, while there are a plethora of AI voice companies out there, including Nuance, which is owned by Microsoft.
