3 Tech Stocks to Turn $200K Into $1 Million: January 2024

Stock Market

In the fast-paced world of tech investments, finding the next big hit is like navigating a complex maze. Amidst this landscape, a few standout stocks emerge as potential game-changers, each poised to potentially turn your investments into millions. These millionaire-maker tech stocks stand out with their compelling narratives of innovation, collaboration, and performance excellence.

Moreover, the global technology market, valued at $802 million in 2021, is projected to grow at a CAGR of 25.73%. It will reach $3168.1 million by 2027, showing the technology sector’s potential. 2023 was phenomenal for technology, especially with the monumental impact of AI and other tech sectors. This trend offers a ripe opportunity for a rewarding tech rally in the new year.

As we embrace this promising outlook, here are three millionaire-maker tech stocks to consider for your portfolio. Two of my picks are stalwarts in the tech space, generating upwards of a 500% return in the past decade. Moreover, my final pick is up over 70% in the past year. This could pay many dividends over the long term.

Meta Platforms

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Meta Platforms (NASDAQ:META) is poised for remarkable growth. Its colossal user base has nearly 4 billion monthly active users. This vast network highlights Meta’s dominance in social media and sets the stage for innovative ventures. Reflecting its promising future, the company’s share price has soared by 181.64% over the past year.

Moreover, Meta is actively steering towards the metaverse, blending virtual and augmented realities. Advancing from its initial virtual reality ventures, the company continues to invest heavily in funding Facebook Reality Labs. This division spearheads the development of advanced augmented reality, haptics, and neural interfaces. This marks Meta’s bold leap into future digital interactions.

Moreover, Meta’s latest print shows a robust 23% year-over-year (YOY) revenue increase to $34.15 billion. And net income soared 163.5% to $11.58 billion. Moreover, revenue projections for the upcoming quarter range from a heartening $36.5 to $40 billion. Given these strong figures, TipRanks analysts rate Meta as a strong buy, expecting an upside potential of 5.25%.

UiPath (PATH)

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UiPath Inc. (NYSE:PATH), a frontrunner in automation, has seen its stock soar 63.9% to $22.23 over the past year. The company enhances its platforms with AI-powered computer vision and generative AI. Its recent innovations, “Project Wingman” and UiPath Autopilot, enable customers to develop automated processes via natural language and streamline daily tasks. These developments bolster UiPath’s portfolio, solidifying its market position.

And, UiPath’s latest earnings report a 24% YOY increase in ARR. It reached $1.378 billion, and a staggering 244% jump in non-GAAP operating income to $44 million. These figures underscore the company’s robust financial health and operational efficiency. Moreover, UiPath’s gross profit margin reached an impressive 84.39% this past quarter, eclipsing the sector median of 48.86%. Its revenue growth also outpaced the sector, rising by 16.51% YOY, a substantial lead over the sector median of 6.13%.

Microsoft (MSFT)

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Microsoft (NASDAQ:MSFT) is often termed a tech dinosaur. It is soaring high and stands as one of the best stocks for 2024.

Further, growth is fueled by heavy investments in artificial intelligence (AI), with its stock climbing 71.8% over the past year. Notably, on January 11, Microsoft outpaced Apple (NASDAQ:AAPL). It became the world’s most valuable company for the first time since 2021. This is largely thanks to its strategic investments in AI, particularly in OpenAI.

Moreover, before NRF 2024, one of the top shows in retail, Microsoft introduced advanced generative AI and data solutions for retailers, enhancing the entire shopper journey. So, these initiatives have significantly bolstered Microsoft’s market standing.

Additionally, Microsoft’s latest quarter was impressive, with a 13% YOY increase in revenue to $56.5 billion. Operating income was up by 25% to $26.9 billion, and a 27% rise in net income, reaching $22.3 billion. Given these strong numbers, TipRanks analysts rate Microsoft as a strong buy, with an 8.67% upside potential.

On the date of publication, Muslim Farooque 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.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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