The search for millionaire-maker growth stocks is a never-ending one. But finding companies that are poised to make significant moves higher isn’t an easy task. Finding the “next big thing” may be more difficult than locating companies that have previously provided outsized returns. The three companies on this list can certainly be put in such a category, with market-beating growth rates driving previous surges that have certainly minted their fair share of millionaires.
Of course, the question is whether new millionaires will be minted in the future. Much of that outcome depends on the continuation of the bull market, and whether these companies can continue to grow at market-beating rates. In this regard, there’s always plenty of uncertainty, and that uncertainty is what makes markets.
But for those who believe this bull rally can continue, here are three millionaire-maker growth stocks.
Amazon (AMZN)
A reputable player in the e-commerce sector, Amazon (NASDAQ:AMZN) remains among the millionaire-maker growth stocks. The company’s core business model is one that not only produces strong cash flows, but allows Amazon to reinvest in its higher-margin AWS business, which Amazon is bolstering with the addition of various AI integrations.
Notably, Amazon has emerged as a leading AI innovator on Wall Street. With investments in Anthropic totaling $4 billion, including $2.75 billion in March, Amazon has enhanced its AI capabilities through tools like Amazon Q, Amazon Bedrock and Amazon SageMaker in Amazon Web Services (AWS). The introduction of Claude 3.5 Sonnet to Amazon Bedrock marks a significant advancement, doubling efficiency and reducing costs, while empowering complex tasks such as creative content generation, data understanding and advanced coding.
With strong profitability and recent net sales of $143.4 billion, Amazon remains a leading force in AI innovation, making it a compelling investment choice for investors today. For those thinking long-term, this is a company with operating leverage like few companies out there, making its high-touch business model one to behold.
Shopify (SHOP)
Another e-commerce giant on this list is Shopify (NYSE:SHOP). The Canada-based provider of e-commerce platform solutions for small- and medium-sized enterprises looking to set up online shops, Shopify has ridden the wave of e-commerce growth higher during previous cycles.
Of course, the pandemic growth we saw in Shopify is over. The company’s very difficult comps led to slowing growth rates relative to what was seen in 2021 and 2022. But with a strong Q1 earnings report, Shopify’s future growth trajectory may be more bullish than many think. While the company posted a loss (attributed to the sale of the company’s logistics business), its focus on its core high-margin business should propel new money into the stock as its top-line growth rate accelerates over time.
The company expects this to be the case, increasing its revenue forecast for Q2. A recent partnership with Target (NYSE:TGT) to will boost Q2 revenue, expanding its third-party online marketplace and enhancing the company’s reach among larger companies as well. Relying on the continuation of the e-commerce trend, this stock is well-positioned to ride the growth wave higher.
Coinbase (COIN)
Coinbase’s (NASDAQ:COIN) stock has traded sideways recently amid Bitcoin’s (BTC-USD) recent consolidation. That’s expected, as the company’s transaction fee based business model for its centralized exchange relies on trading volumes. These trading volumes typically tend to be higher during bullish periods in the crypto sector.
With the expected improvement of crypto prices, COIN appears to have found some footing. And at a forward price-earnings ratio of around 30-times, this is a stock that’s certainly not overly expensive.
Among the notable partnerships Coinbase has seen for its custody and trading services is a deal with the U.S. Marshals Service to use Coinbase Prime to manage and trade its high-value “Class 1” digital assets like Bitcoin and Ethereum (ETH-USD). This deal denotes a significant step forward in how major U.S. institutions think about cryptocurrency handling. Coinbase has robust, large-scale institutional cryptocurrency services after a rigorous selection process.
Strong growth and excellent performance in Coinbase Prime has led Coinbase’s institutional platform to set records in Q1 2024. Of course, plenty needs to go right in terms of the crypto market for any bull thesis to play out. But for now, Coinbase clearly remains among the top crypto stocks to buy. It offers an introduction for those looking for digital asset exposure during a period of declining interest rates and a potential new wave of interest in this space.
On the date of publication, Chris MacDonald did not hold (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.
On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.