3 Millionaire-Maker Technology Stocks

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Are you an investor who’s thinking big? Maybe you’re even looking at the stock market as a means of becoming a self-made millionaire. Well, although it takes money to make money, that’s certainly not out of the realm of possibility. The key is simply choosing wisely, and remaining patient even when it’s tough to do so.

With that as the backdrop, here’s a closer look at three names that may well help your portfolio reach the seven-figure mark. It’s no coincidence that all of them are technology stocks, since technology is at the heart of most of the world’s major social, cultural, and economic evolutions.

It’s not exactly news that corporations are sitting on mountains of digital data about their customers as well as their respective markets. Some of them have even been able to do something truly constructive with it. It wasn’t until the advent of artificial intelligence, however, that these collections of information would deliver as dreamed.

Enter Palantir Technologies (NYSE: PLTR).

In simplest terms, Palantir offers enterprise-level organizations a means of turning data into actionable insights that just weren’t possible before. For instance, its Foundry platform can help drug developers optimize clinical trials, while its product called Gotham helps the military maintain battlefield awareness in real time, allowing for smarter deployment and decision-making. Its tech was even used to curb the spread of COVID-19.

It’s not a trade without risks. Although the company is profitable, the stock is very expensive at roughly 100 times next year’s expected per-share earnings of $0.43. It’s also currently priced more than 50% above analysts’ current consensus target of $28.32. If nothing else, this fuels uncomfortable volatility.

This is a case, however, where the stock is likely to perform in anticipation of the growth that’s further down the road. Market research outfit IDC predicts the global AI platform market is set to grow at an annualized pace of just over 40% through 2028, jibing with outlooks from SkyQuest and Precedence Research. Given that Palantir Technologies’ top line is projected to grow by more than 20% this year and next, it appears to already be plugged into this accelerating trend.

There’s a good chance you’ve never even heard of QuantumScape (NYSE: QS). That could be about to change. But first things first.

While the hype surrounding electric vehicles has clearly faded, they are here to stay. The International Energy Administration predicts that by 2035 the number of EVs traveling the planet’s roads will be 12 times bigger than the current count. It’s an outlook that seems to presume one of the key drawbacks of EV ownership will be overcome by then. This of course is the expensive and relatively short-lived batteries needed to power electric vehicles.

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