Nvidia has been one of the hottest stocks on the market in the past couple of years, as shares of the semiconductor giant have shot up remarkably thanks to the stunning demand for artificial intelligence (AI) chips deployed in data centers. However, a closer look at its returns in the past decade tells us that it may have made some investors millionaires during this period.
For instance, an investment of just $3,700 made in Nvidia stock a decade ago is now worth just over $1 million. So, investors smart enough to put that much money into Nvidia stock at that time and kept holding it all these years are probably millionaires now.
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NVDA data by YCharts
The good part is that the company has now found a solid catalyst in the form of AI, and it may be able to sustain its impressive growth in the future as well.
However, Nvidia is now the world’s largest company, with a market cap of nearly $3.6 trillion at the time of this writing. So, expecting it to replicate the stunning returns that it has logged in the past decade in the future as well seems difficult now. That’s why investors looking for the next big growth stock that could contribute toward a million-dollar portfolio may want to look at other companies that are currently in their early phases of growth and are on track to take advantage of lucrative end-market opportunities.
Here’s a closer look at two such potential candidates.
Demand for AI software is expected to grow rapidly in the future. According to ABI Research, the AI software market could clock annual growth of 30% through 2030, generating an annual revenue of $391 billion at the end of the forecast period. Investing in C3.ai (NYSE: AI) can help investors make the most of this massive opportunity.
C3.ai provides enterprise AI software solutions to customers, and the good part is that its business has been gaining steam in recent quarters. The company’s revenue in the first quarter of fiscal 2025 (which…
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