2023 has been a significantly better year as compared to 2022. However, several stocks have slipped amid the growing uncertainties and high-interest rates. The first half of the year was strong but the recent pullback has brought a solid opportunity to invest in some of the biggest stocks in the industry. It has led to the rise of millionaire-maker stocks to buy.
A successful investment strategy is to buy millionaire-maker stocks at a discount. There are only a few stocks that have the potential to make you a millionaire and while the market has retreated, here’s your chance to join the club and buy these seven millionaire-maker stocks.
Visa (V)
I have written about Visa (NYSE:V) in the past and I am recommending the stock again. With a growing market share, Visa is one stock to add to your portfolio and hold forever. The company has a global presence and handles over 60% of the total credit card transactions in the U.S. With the transition towards digital payments, Visa is set to benefit in the coming years.
The business remains safe during market uncertainties because of its wide presence. It is a low-risk, high-return investment worth holding on to. The stock also enjoys a dividend yield of 0.77% and paid out a quarterly dividend of $0.45.
Exchanging hands for $233, the stock is up 12% year to date and moving closer to the 52-week high of $250. The upcoming quarterly results will give the stock an upward push and take it higher.
Nvidia (NVDA)
My favorite tech stock, Nvidia (NASDAQ:NVDA) is one stock that can make you a millionaire. The company rose to fame after its investments in Artificial Intelligence paid off and it reported solid revenue numbers.
The company has been beating estimates since the beginning of the year and the upcoming quarterly results could take the stock much higher. NVDA stock is trading at $421 and is already up 194% year to date. It went as high as $500 and has dropped since then but any dip in this stock is a chance to buy.
The company is expected to grow sales at a rapid pace amidst the soaring AI chip demand. It recently partnered with Foxconn to build ‘AI factories’. The stock recently dropped due to the restriction on its Made for China chips, and this can dampen its business in China. However, it is too soon to say how it will impact the financials in the long term. This makes it one of those millionaire-maker stocks to buy.
Alphabet (GOOG, GOOGL)
We have been using Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) services for years and it has been using AI for a very long time to ensure higher advertising results. The company has the biggest search engine and offers many solutions for businesses and enterprises.
Alphabet already holds a strong share in the search engine market and its AI investment will pay off in the long-term. It makes the most of its revenue from advertising services but its Cloud business is also growing. This segment reported a 28% year-over-year revenue growth in the second quarter.
The shares are up 54% year to date and trading at $137 today. It looks highly undervalued to me and could hit $150 very soon. Buying Alphabet stock below $150 is a smart move and you might not get a chance to grab them at a discount once the company announces results.
Meta Platforms (META)
Meta Platforms (NASDAQ:META) is one business worth betting on. The company saw a 16% rise in net income in the second quarter and an 11% advertising revenue growth. It makes most income through the advertising revenue and as the economy improves, Meta will see better numbers.
It also saw an improvement in the daily user engagement which shows that its future looks bright. To get ahead in the AI race, it recently launched generative AI tools for Instagram and Facebook advertisers and it is aimed at improving the content creation process.
Meta owns the biggest social media sites and they comprise 3.07 daily active users which means the company has access to the largest user base. META stock is trading at $312 today and it might not drop below $300 anytime soon. Buy the stock before it soars higher.
Tesla (TSLA)
Tesla’s (NASDAQ:TSLA) recent financial results were disappointing and this has had an impact on the stock. However, the drop is a chance for you to grab this EV stock. TSLA stock is down 16% in the past month and is trading at $220 today.
The stock dropped after Tesla missed earnings estimates but this is temporary and if you look at the bigger picture, you will realize that Tesla has the potential to bounce back in no time. A significant drop in the stock is a good time to add it to your portfolio.
The EV price cuts have weighed on the margins and it also led to a dip in the quarterly delivery numbers. Musk blames the high interest environment for a drop in consumer spending which has had an impact on its business. The slowdown in the business is due to macroeconomic factors but Tesla as a business is highly successful and the stock is a millionaire maker.
SoFi Technologies (SOFI)
SoFi Technologies (NASDAQ:SOFI) offers a one-stop solution for all your financial needs. It primarily focuses on student loan refinancing and now is an ideal time to grab this stock. The company’s business is thriving and it reported a revenue of $498 million, up 37% in the second quarter.
With student loan payments finally resumed, SoFi’s biggest market has opened and it will provide the company with significant cash and a growth opportunity. The student loan refinancing business will remain in the focus and it could pick up in the coming months.
That said, the company is much more than a particular segment and has several growth opportunities in the digital banking space. SOFI stock is trading at $7.63 today and it could soar after the quarterly results. This is your last chance to buy this millionaire-maker stock.
Li Auto (LI)
There are multiple reasons to add Li Auto (NASDAQ:LI) to my list of the top millionaire-maker stocks. One of the biggest reasons is its solid vehicle delivery growth. The EV maker has been reporting impressive delivery numbers since the start of the year and when other EV stocks were struggling to hold ground, LI was heading upwards.
It reported a delivery of 36,060 cars in September, which is over a 200% year-over-year rise. The company has met its third-quarter delivery projections and is aiming to deliver 40,000 cars in the final quarter. It will report another strong quarter in the coming months.
Li is aiming to increase the lineup while each of its cars is seeing a higher demand. It is one of the best EV players in the industry right now, and the stock is trading at $32 today. While it is up 54% year to date, it looks undervalued and has the potential to hit $50. All in all, it’s one of those millionaire-maker stocks to consider.
On the date of publication, Vandita Jadeja 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.
