3 Millionaire-Maker Stocks to Buy to Take Advantage of This Crazy Bull Market

Chris MacDonald

March 15, 2024 4 min read

In 2024, many analysts and experts anticipate an economic revival as we see lower inflation rates, solid growth and more jobs. Certainly, after a stressful past few years, such an outlook is refreshing. Several high-growth stocks have surged, becoming millionaire-maker stocks investors wish they had bought during the market’s doldrums in 2022.

But that’s neither here nor there. Many investors aim to find the next high-growth stocks to take a decently sized portfolio into seven figures. Whether it’s folks looking to save for retirement (unfortunately, seven-figure portfolios ought to be the goal for most) or simply younger investors looking to get ahead, the focus continues to be on growth.

Here are three companies investors should look into right now for big long-term potential upside.

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Zoom Video (ZM)

Zoom (ZM) logo on a building

Source: Michael Vi / Shutterstock.com

As one of the most popular stocks during the COVID-19 pandemic, many individuals think Zoom Video (NASDAQ:ZM) may be a losing stock that is not worth considering. However, nothing could be further from the truth.

Zoom reported some impressive Q4 earnings, surging more than 13% following this release. The company surpassed Wall Street’s forecasts, with earnings per share coming in at $1.22 and revenue hitting $1.15 billion, up 3% year-over-year. Bullish forward guidance underscores the company’s longer-term potential, which is being overlooked.

When it comes to short-term growth, the company is quite conservative. Its Q4 2023 sales saw a slight 1% increase, which was enough to keep the company moving. Experts also look forward to this year for Zoom to flourish, expecting revenue of $4.5 billion.

Aside from that, in the financial aspect, Zoom is standing tall and strong with its financials. The company has over $7 billion in cash and a positive cash flow that witnessed a 66% increase year-over-year. These achievements bolster its profitability as a software-as-a-service provider and provide ample resources for research and development, including integrating more AI solutions. Zoom may also pursue further acquisitions, similar to its recent purchase of AI specialist Solvvy.

Shopify (SHOP)

Source: Burdun Iliya / Shutterstock.com

Shopify (NYSE:SHOP) primarily earns revenue through its merchant solutions segment, charging transaction fees. Thus, key metrics to monitor include gross merchandise volume (GMV) and gross payments volume (GPV). In Q4 2023, Shopify saw a GMV of $75 billion, up 23% year-over-year, indicating accelerating growth. Similarly, GPV, representing GMV processed through Shopify’s payments system, shows a parallel growth trend.

Aligning with its recent quarters, the company was very proud to announce its Q4 2023 results, which led to a 24% stock surge as its revenue grew 20%. Notably, the sale of its logistics arm to Flexport in 2023 affects these figures. Adjusted for this sale, Shopify projects an additional 5% to 6% revenue growth and anticipates a 4% to 5% higher gross margin in Q1.

Amidst the pandemic’s decline, Shopify enhances profitability and cash generation, supporting myriad businesses. Management’s astute moves and improved operational efficiency bode well for its robust growth trajectory.

SoundHound AI (SOUN)

In this photo illustration, the SoundHound logo seen displayed on a smartphone. SOUN stock

Source: rafapress / Shutterstock.com

Various sectors are susceptible to disruption by artificial intelligence (AI). Voice recognition software, particularly by SoundHound AI (NASDAQ:SOUN), stands out amid its partnership with Nvidia (NASDAQ):NVDA), which has sparked considerable media attention. SoundHound AI’s stock surged 200% in 2024, yielding substantial profits for early investors.

Perhaps the most speculative play on this list, SOUN stock clearly has plenty of upside potential if the AI rally continues. That’s largely because SoundHound AI’s speech recognition technology finds applications in vehicles, restaurants and smart home devices, boasting clients like Qualcomm, Toast, Block and Hyundai. Major tech firms like Apple, Amazon and Alphabet have invested in similar ventures, signaling a significant market potential.

Yahoo Finance projects SoundHound AI’s revenue to surge 50% in 2024 and 2025, with expectations to hit $100 million by 2025 from last year’s $46 million. Assuming a continued 50% growth rate until 2030, this could translate to $780 million in sales. Thus, there could be room for valuation expansion over time as the company’s financial results continue to beat expectations.

On the date of publication, Chris MacDonald 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.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.