3 Millionaire-Maker Growth Stocks to Buy to Kick Off 2024

Stocks to buy

For those prioritizing long-term investments, the key is selecting stocks with a robust track record and resilience in unpredictable scenarios. 

In the vast landscape of investments dominated by tech unicorns and financial giants, three discreet millionaire-maker stocks stand out. These stocks, operating with resilience, innovation, and market finesse, quietly generate wealth. Also, they act as undercover agents of fortune in the shadows.

Indeed, investing early is a pathway to leaving a lasting legacy. Also, it assures substantial returns for future endeavors such as homeownership or funding education. So, the sooner one engages in legacy investing, the greater the potential gains.

Therefore, let’s dive into three millionaire-maker growth stocks that may have a few millionaires to mint yet.

Meta Platforms (META)

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In 2023, Meta Platforms (NASDAQ:META) staged a remarkable turnaround, surging nearly 200% after a terrible 64% decline in 2022.

Notably, the company’s revival can be largely attributed to artificial intelligence (AI) initiatives. This includes the launch of products like Imagine and Meta AI, along with 28 additional AI programs. They even feature influencers like Snoop Dogg and Kendall Jenner. 

Additionally, the potential for a significant Federal Reserve rate cut throughout the year promised positive market implications. Further, this could include a potential boost to the company’s valuation. 

Meta’s strides in AI are notable, and further advancements could prompt a valuation comparable to leading AI-focused stocks. Additionally, anticipated earnings growth of approximately 21% in the coming year will likely contribute to Meta’s favorable trajectory.

Shopify (SHOP)

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Shopify (NYSE:SHOP) thrives as a platform empowering businesses to establish and manage online stores. Its subscription model ensures a steady income stream.

Recently, the company marked its most successful Black Friday, with merchants raking in $4.1 billion in sales. Financially robust, Shopify recorded a 25% year-over-year (YOY) revenue surge to $1.7 billion and a 36% YOY increase in gross profit. With SHOP stock surging 115% year to date (YTD), momentum could propel it going forward in the coming year.

In its most recent recent quarter, Shopify reported earnings of 31 cents per share, marking a substantial 342.9% increase from the same period last year. Additionally, quarterly revenue came in at $2.07 billion, reflecting 19% YOY growth. For the current fiscal year, earnings are estimated at 70 cents per share. This represents a remarkable 1,650% change, with revenue expected to reach $6.98 billion, a 25% change. Looking to the next fiscal year, earnings are projected at $1.04 per share, implying growth of 48%.

After a challenging 2022, Shopify rebounded, reclaiming a $100 billion market cap. The company’s restructuring, including the sale of its logistics business, boosted investor confidence. With a leaner workforce, positive operating income, and AI opportunities, analysts anticipate 20% revenue growth, positioning Shopify as a top 2024 performer.

Microsoft (MSFT)

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Tech giant Microsoft (NASDAQ:MSFT) is a key holding for many institutional investors including Citadel, making up nearly 2% of this asset manager’s portfolio.

Citadel increased its Microsoft position by 3.67 million shares across Q2 and Q3. Specifically, it acquired 1.6 million shares in Q3 at an average closing price of $330. This strategic move bolsters confidence amid rising share prices. Also, it highlights Microsoft’s strength in AI and the cloud.

The tech behemoth surged over 260% in the past five years, rewarding shareholders with a 0.8% dividend yield and $0.75 quarterly payout. Heavy AI investments are expected to pay off, with diverse products integral to daily life. Steady 2023 net income growth is anticipated to continue. Microsoft’s acquisition of Activision Blizzard and its robust liquidity position, coupled with strong leadership, set the stage for future success.

Thus, I’m remaining bullish on MSFT stock for a number of reasons. Two reasons include the company’s entry into quantum computing and its robust ecosystem of software and hardware applications. And, the third reason is its investment in OpenAI, which makes this stock worth owning for the long-term. Indeed, for those who believe this AI rally can continue, MSFT stock is one to hold right now.

On the date of publication, Chris MacDonald has a LONG position in META. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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