3 Millionaire-Maker Technology Stocks

Motley Fool10-27

Palantir Technologies offers a practical way for businesses to leverage the power of AI. If electric vehicles are ever going to live up to their promise, they’ll need help from QuantumScape. ...

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IonQ is leading the charge for a whole new kind of computing.\n\nAre you an investor who's thinking big? Maybe you're even looking at the stock market as a means of becoming a self-made millionaire. Well, although it takes money to make money, that's certainly not out of the realm of possibility. The key is simply choosing wisely, and remaining patient even when it's tough to do so.With that as the backdrop, here's a closer look at three names that may well help your portfolio reach the seven-figure mark. It's no coincidence that all of them are technology stocks, since technology is at the heart of most of the world's major social, cultural, and economic evolutions.1. Palantir TechnologiesIt's not exactly news that corporations are sitting on mountains of digital data about their customers as well as their respective markets. Some of them have even been able to do something truly constructive with it. It wasn't until the advent of artificial intelligence, however, that these collections of information would deliver as dreamed.Enter Palantir Technologies (PLTR 2.98%).In simplest terms, Palantir offers enterprise-level organizations a means of turning data into actionable insights that just weren't possible before. For instance, its Foundry platform can help drug developers optimize clinical trials, while its product called Gotham helps the military maintain battlefield awareness in real time, allowing for smarter deployment and decision-making. Its tech was even used to curb the spread of COVID-19.It's not a trade without risks. Although the company is profitable, the stock is very expensive at roughly 100 times next year's expected per-share earnings of $0.43. It's also currently priced more than 50% above analysts' current consensus target of $28.32. If nothing else, this fuels uncomfortable volatility.This is a case, however, where the stock is likely to perform in anticipation of the growth that's further down the road. Market research outfit IDC predicts the global AI platform market is set to grow at an annualized pace of just over 40% through 2028, jibing with outlooks from SkyQuest and Precedence Research. Given that Palantir Technologies' top line is projected to grow by more than 20% this year and next, it appears to already be plugged into this accelerating trend.2. QuantumScapeThere's a good chance you've never even heard of QuantumScape (QS -4.77%). That could be about to change. But first things first.While the hype surrounding electric vehicles has clearly faded, they are here to stay. The International Energy Administration predicts that by 2035 the number of EVs traveling the planet's roads will be 12 times bigger than the current count. It's an outlook that seems to presume one of the key drawbacks of EV ownership will be overcome by then. This of course is the expensive and relatively short-lived batteries needed to power electric vehicles.The thing is, largely thanks to QuantumScape, that hurdle very likely will be cleared by then.In short, this company makes superior lithium-based batteries used by EVs. By figuring out how to manufacture reliable solid-state lithium batteries, it offers battery packs that store more energy, and therefore provide longer driving ranges; QuantumScape estimates about 25% more. Moreover, these batteries are more durable, theoretically capable of lasting for around 300,000 miles with no major degradation in their energy-storage capacity or performance.The catch? The company's not made any actual commercialized batteries yet. Everything it's manufactured thus far is strictly for testing purposes. Indeed, these initial production runs aren't even the exact design of QuantumScape's planned commercial battery.The company recently moved past a major milestone, though. It began small-scale production of its so-called B-sample cells for EV manufacturers to test in their vehicles, pushing it closer to revenue and then profitability.It still needs to fine-tune certain aspects of the design, like improving cell reliability and maximizing the yield of its production process. QuantumScape says all of these finalization matters are being targeted for completion by the end of next year.It's never easy or comfortable stepping into a stake in a pre-revenue (let alone pre-profit) company. Given the projected growth in sales of electric vehicles that need this tech, however, it may be worth the risk to risk-tolerant growth investors.3. IonQLast but not least, add IonQ (IONQ 7.96%) to your list of potential millionaire-making technology stocks. It's another off-the-radar name, but as was the case with QuantumScape, that could be changing soon.Simply put, IonQ makes a whole new kind of computer.With the physical and computational limitations of modern-day computing finally holding the industry back, computer engineers are rethinking... well, everything. Rather than using silicon to process an intricate combination of electronic ones and zeros, so-called quantum computers utilize subatomic particles to simultaneously represent both numbers, plus near-infinitely more. This architecture allows such platforms to operate on the order of thousands of times faster than computers regularly used now.This number-crunching capacity has incredible implications for areas like cybersecurity, drug development, and of course, artificial intelligence. That's why Precedence Research believes the quantum computing business is set to grow at an average annualized pace of 31% through 2034.The industry is still in its infancy. So is IonQ, with many of the hallmarks you'd expect from a young company. Chief among these is a lack of net profits. It's another investment that isn't for the faint of heart.IonQ's arguably leading the quantum computing charge, however, and moving toward profitability. Its second-quarter revenue improved 106% year over year, with enterprises of all sorts now testing the potential of this solution. Analysts believe the company will be able to sustain this pace of growth at least for a few more years. Profits should be in the cards after that, which could prove downright bullishly explosive for the stock.The thing is, IonQ doesn't necessarily have to be profitable for this stock to perform well. It only needs to be making measurable progress to that end. The ideal time to step into a compelling story stock is before most investors discover it, in fact, and before it becomes an obvious winner.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478713730"}