Technology has historically been the place to look for quality growth stocks. The technology sector has outperformed the S&P 500 over the last five years, and the growth of artificial intelligence (AI) and cloud computing are catalysts for this run to continue.
If you have an extra $1,000 you don't need for paying bills or reducing debt, here are two growth tech stocks that could double your money by 2030.
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1. Micron Technology
The growth of AI is driving a substantial increase in data center spending, including software systems, networking, and memory and storage. This is a huge opportunity for Micron Technology (MU 0.26%), a leading supplier of memory and storage solutions. The stock is up 46% year to date but has room to run.
To handle more advanced AI workloads, data centers need faster data transfer between hardware. Micron's high-bandwidth memory (HBM) is meeting this need. Its revenue is skyrocketing, up 37% year over year last quarter.
Micron has a strong tailwind behind it. Dell'Oro Group forecasts annual data center spending to hit $1 trillion by 2029, driven by AI infrastructure investments. The HBM market is expected to grow from $4 billion in 2023 to $130 billion by 2033, according to Bloomberg Intelligence.
As the leader in HBM technology, Micron should continue to grow along with the market. HBM solutions are essential to enable the full potential of AI chips in data centers. Micron is currently sold out of its HBM production for 2025 and seeing strong customer demand for 2026.
While investors focus on Micron's history serving the highly competitive and cyclical market for traditional memory products, like dynamic random access memory (DRAM), it is significantly undervaluing Micron's opportunity in the fast-growing HBM market. HBM not only offers higher growth potential but can generate higher margins than DRAM.
Wall Street analysts expect Micron's earnings to reach $13.61 by calendar 2027. With the stock trading at just 10 times next year's earnings consensus, a combination of robust earnings growth and a higher earnings multiple could double the share price over the next three to five years.
2. Datadog
Datadog (DDOG 15.77%) is well positioned to benefit from the growing demand for software that helps companies monitor their cloud operations. The stock is slightly down year to date but has rebounded sharply after hitting a 52-week low of $81.63. Robust revenue growth and improving profitability could double the share price within the next five years.
Datadog's revenue has grown at an annualized rate of about 40% over the last five years and increased 25% year over year in Q1 2025. The company's growth is tied to the broader cloud computing market, which is growing at similar rates.
The public cloud service market is valued around $600 billion, according to Gartner, and expected to grow at a compound annual growth rate of 20% through 2028. This is a reasonable estimate for Datadog's future growth, which is seeing momentum in winning over large businesses to its cloud observability platform.
Large cloud service providers offer their own built-in cloud security and monitoring tools that compete with Datadog, but there is growing demand for a vendor like Datadog that specializes in this market. Datadog is now offering more products that meet the needs of larger organizations, such as its Database Monitoring tool, which is helping the company secure larger deal sizes. Datadog just signed 11 deals in Q1 worth at least $10 million.
The percentage of Datadog's customers using two or more services has been fairly steady at 83%. But the percentage of customers using eight or more products has nearly doubled over the last two years to 13%. If the company can keep this up, it could spell upside for its margins and profitability, which could benefit the stock.
Datadog converted 29% of revenue into free cash flow last year, but Wall Street analysts expect its margin to reach 40% by 2029, bringing free cash flow to $2.5 billion. Assuming the stock is trading close to 40 times free cash flow, which is lower than its current free cash flow multiple of 58, the stock could double within the next five years.
