3 Tech Stock Titans That Have 10X Potential by 2030

Stocks to buy

Tech stocks can be a great way for investors to achieve outsized returns in the stock market. Over the last decade, there are a number of technology companies that have minted new millionaires. As we transition into a new bull market, now is the best time to position your portfolio for future success.

These 3 tech stocks have emerged as industry leaders, with significant potential to outperform the market through 2030. If you’re looking for a get rich quick scheme, then these companies are probably not for you. However, if you can remain patient, you’re already on the right track to achieve the financial success you’ve been searching for.

Now, let’s discover the 3 best tech stocks to buy for 2024!

Shopify (SHOP)

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Shopify (NYSE:SHOP) stock closed off the last two months of 2023 on a strong note. They have been in full throttle as cost cutting efforts signal a major turning point for the company.

Shopify had suffered substantial losses in the 2022 fiscal year, driven by higher interest rates and other challenging macroeconomic headwinds. In FY22, Shopify’s operating loss was $822.3 million, compared to operating income of $268.6 million in FY21. However, the company has acknowledged its missteps, and cost cutting efforts have boosted profitability in 2023.

One of their first courses of action was cutting 20% of their workforce back in May 2023. Additionally, the company cut ties with their logistics business which turned out to be a strategic business move. These measures saw an immediate impact, with operating income swinging from negative to positive in Q3 2023. Furthermore, their net cash position hit $4 billion. Profitability is trending in the right direction, making Shopify one of the best tech stocks to buy for 2024.

Spotify (SPOT)

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Spotify (NYSE:SPOT) continues to make the case as one of the best tech stocks of the decade. They currently hold just under a third of music streaming subscribers worldwide, and profitability will be the key driver moving forward. 

After going public back in 2018, the stock more than doubled hitting an all-time-high of $364.59 per share in February of 2021. However, things began to turn as the broader tech slump materialized in the back half of 2021. Despite facing a number of challenges, Spotify’s market share has continued to grow.

Spotify is on pace to hit more than 1 billion monthly active users in the next few years, which could ultimately boost revenue growth and operating income. In their latest quarterly results, Spotify declared a surprise profit of 33 cents per share. Monthly active users grew 26% to 574 million, with premium subscribers up 16% YOY. Profitability is only just beginning, and investors can expect significant revenue and gross margin expansion in FY24.

Etsy (ETSY)

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Etsy (NASDAQ:ETSY) is an American e-commerce company headquartered in Brooklyn, New York. They endured a challenging year in 2023, despite the market rocketing near its record highs.

You might be wondering, why has the market not been excited about the long term growth prospects of Etsy’s e-commerce platform? The truth is, despite the company’s increased revenue growth, gross merchandise sales (GMS) have stagnated since 2021. Macroeconomic challenges have been particularly challenging for Etsy, and management forecasts GMS to see low to mid single digit declines in Q4 2023. 

However, it is important to look at the bigger picture. The economy is currently transitioning out of a period of higher interest rates and inflation. The growth of the e-commerce market will only accelerate over the next decade, and generative AI tailwinds could spur GMS growth. With Etsy cutting 11% of its workforce last month, this could be the turning point for the company to enter into a new stage of growth. 

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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