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Buying one or more technology stocks for your portfolio to make you a millionaire is a dream held by many. Strangely enough, it’s not just a dream. There really are some superb tech stocks on the market that can, over time, enhance your portfolio.
In case you’re wondering, I’m not just talking about the magnificent seven. Here’s a look at a trio of stocks that have insane long-term potential for investors to consider right now.
E-commerce is growing
Most investors are aware of Shopify (TSX:SHOP). The e-commerce titan has been a market darling for nearly a decade, and there’s a good reason for that.
For those unfamiliar or who need a reminder, Shopify’s software allows businesses to quickly spin up an online storefront. The platform also has a series of add-ons and extensions for businesses, offering the tools and processes that they need.
This includes everything from order fulfillment and social media interaction to text and image enhancements for products, support, and customer insights. Additionally, Shopify also has a POS (Point of Sale) system for brick-and-mortar stores too.
Shopify currently trades just under $100 and is up over 25% over the trailing 12-month period. Those gains still pale in comparison to Shopify’s pandemic-era highs.
And that’s where an opportunity lies. Shopify may not rise to those prior levels overnight, but it has a solid growth plan backed by a growing base of subscribers.
In short, Shopify is a compelling omnichannel option for businesses of all types to consider when compared with more traditional means. SHOP is a great option for prospective investors looking for one or more technology stocks with significant long-term growth potential.
The AI train is leaving the station
The technology sector is always full of talk about the “next big thing”. And over the past few years, the term mentioned in every conversation is AI (Artificial intelligence). From the integration of AI into the latest phones, to its use in sales prediction models and cloud data centres, the AI move is hard to ignore.
If you are Nvidia (NASDAQ:NVDA), you’re taking the entire market along for that ride. Nvidia was once known only as a manufacturer of video cards. Today Nvidia is also known as the foremost manufacturer of the advanced processing chips needed to power AI hardware.
And there’s an insatiable demand for those processors.
That’s led to Nvidia posting a series of incredible quarters, ballooning its coffers to become the second most valuable company on the planet (and for a while, the most valuable).
Additionally, Nvidia has forged partnerships with all three of the largest cloud providers, each investing billions in infrastructure.
So then, where does the opportunity lie?
Nvidia’s stellar growth over the past two years has slowed while the market anxiously awaits its next-generation processor known as Blackwell. The company announced production is picking up, targeting a fourth-quarter release on its earnings call just this week.
That has led to a drop in the stock, representing a great entry point for investors. Throw in the long-term potential of its business and the fact that Nvidia just announced a US$50 billion buyback plan, and you have one of the best technology stocks on the market.
Some technology stocks are hard to ignore
You can’t mention the phrase technology stocks without thinking in some way about Microsoft (NASDAQ:MSFT). Microsoft is well known for its various software and hardware divisions, powering office suites, productivity software, and even the operating system itself.
Those units provide an intriguing defensive moat for long-term investors, which is reason enough to consider this among the technology stocks in any portfolio.
But then we have Microsoft’s relationship with AI (Yes, that term again).
Microsoft has an exclusive partnership with OpenAI (known for ChatGpt) and is investing billions in upgrading its cloud infrastructure to support AI (and generate another revenue stream).
That reach is also extending into smaller computers too. Microsoft’s integration of AI into Windows (branded as Copilot) is yet another recurring revenue stream for the tech titan.
In other words, buy it, hold it, and watch it grow.
