2 Top Tech Stocks That Could Make You a Millionaire

The tech industry has created many millionaires over the years. Since 2014, the Nasdaq-100 Technology Sector has risen 377%, delivering considerably more growth than the S&P 500 's 184% increase. Macroeconomic concerns have caused a dip in the market over the last month, with the Nasdaq-100 Technology Sector down about 7%.

However, the decline is precisely why keeping a long-term perspective when investing in tech is crucial. The industry benefits from consistent innovations and investments from the companies pushing the market forward. As a result, it's no accident that the world's top five most valuable companies are all heavily active in tech, leading industries such as consumer products, chip design, productivity software, cloud computing, e-commerce, and more.

These sectors are continuing to expand today, boosted by advances in related technologies like artificial intelligence (AI), meaning it's not too late for new investors to see big gains over the next decade. So, here are two top tech stocks that could make you a millionaire with the right investment.

1. Nvidia

Whether you're a casual investor or trade professionally, you're likely aware of Nvidia 's (NASDAQ: NVDA) meteoric rise since the start of 2023. The company's market cap was at about $360 billion at the beginning of last year and has since skyrocketed 751% to more than $3 trillion, becoming the first chipmaker to achieve such a feat.

Nvidia has dominated the graphics processing unit (GPU) space for years, with its desktop GPU market share steadily rising from 65% in 2014 to 88% in 2024. For much of that time, the company's success came from selling its GPUs directly to consumers who used the chips to build high-performance gaming and video editing PCs.

However, the emergence of AI has shifted data center chip demand away from central processing units (CPUs) to GPUs, with Nvidia perfectly positioned to supply its hardware to countless companies. GPUs are critical to AI development, as they can perform multiple tasks simultaneously. Consequently, Nvidia's stock and earnings soared in recent months.

Data by YCharts

This chart shows the massive financial gains Nvidia has enjoyed since the start of 2023, as sales for its AI GPUs have skyrocketed. The company hit $15 billion in quarterly free cash flow this year, far surpassing its rivals. Fellow chipmaker AMD 's free cash flow reached $439 million, while Intel 's is at a negative $3 billion.

Nvidia's stellar earnings gains don't just help it in AI but across tech. With more cash reserves than its competitors, the company has the means to follow the market and continue investing in its tech, whether the industry moves closer to self-driving vehicles, virtual/augmented reality, or another sector.

The company's forward price-to-earnings (P/E) ratio is high at 46. However, that figure isn't much higher than its five-year average of 42, when Nvidia's stock rose more than 3,000%. As a result, Nvidia is worth considering right now as a stock that could make you a millionaire.

2. Microsoft

Microsoft (NASDAQ: MSFT) is no stranger to turning people into millionaires, with its stock up 430,000% since its initial public offering in 1986. The company has reached historic heights thanks to the success of homegrown brands like Windows, Office, Azure, Xbox, and LinkedIn. These products played to Microsoft's strengths as a king of software, allowing it to achieve positions in tech sectors like operating systems, productivity software, cloud computing , video games, social media, and more.

As a result, Microsoft's reach in tech is vast, with growth catalysts throughout the industry. The company has earned a reputation for reliability thanks to consistent stock and financial growth. Over the last five years alone, Microsoft's revenue and operating income have steadily risen 96% and 120%, respectively. Meanwhile, quarterly free cash flow has increased by 123% to $23 billion.

Microsoft has used its massive gains to regularly reinvest in its business. In 2019, with seemingly the foresight of the century, the company invested $1 billion into ChatGPT creator OpenAI. That figure has since swelled to an estimated $13 billion, granting Microsoft access to some of the most advanced AI models on the market.

The collaboration has seen Microsoft implement AI across its software offerings, with new tools available on Azure and a range of generative features on its productivity platforms. The Windows company's AI expansion has boosted its entire business, with revenue up 16% year over year in fiscal 2024 and operating income up 24%. The period delivered impressive growth in productivity and cloud computing, with sales in these respective segments increasing by 12% and 20%.

Microsoft's P/E of 35 doesn't exactly scream bargain. However, it also doesn't tell the whole story. The figure is only slightly higher than the company's 10-year average P/E of 32, indicating its stock doesn't often go on sale. The company's stock has risen 834% over the last decade, suggesting it remains a compelling way to invest in tech right now.

Dani Cook has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Microsoft, and Nvidia. The Motley Fool recommends Intel and recommends the following options: long January 2025 $45 calls on Intel, long January 2026 $395 calls on Microsoft, short August 2024 $35 calls on Intel, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy .