Investors chasing growth should consider these red hot companies, each of which has the potential to be a millionaire-maker stock. Artificial intelligence (AI) isn’t the only growth area of the stock market right now. Cryptocurrencies, cybersecurity and even utilities are each generating huge returns for investors.
Of course, some of the fastest growing stocks come with risk, especially those associated with crypto, which remains volatile. But for investors with an appetite for risk, now is a great time to allocate capital to stocks that have the potential to grow exponentially. Many analysts claim that we are in the early innings of what is likely to be a prolonged bull market.
Here are the top three millionaire-maker stocks to buy for investors looking for a 1000% return on their investment.
Robinhood Markets (HOOD)
Shares of online brokerage Robinhood Markets (NASDAQ:HOOD) continue to soar. So far this year, HOOD stock has risen 84%. That brings its 12 month gain to 128%. The company’s share price has been steadily marching upwards after two big recent announcements. The first was that the company is undertaking its first ever stock buyback, saying that it plans to repurchase $1 billion of its own shares over the next three years.
The second catalyst is that Robinhood is buying privately held cryptocurrency exchange Bitstamp for $200 million in cash. The acquisition is the largest deal in Robinhood’s 11-year history and moves it further into the trading of cryptocurrencies. Analysts say the acquisition of Bitstamp puts Robinhood in direct competition with the biggest cryptocurrency exchanges like Coinbase (NASDAQ:COIN).
Robinhood Markets continues to look for ways to diversify its business, announcing earlier this year the launch of a credit card. Things could change, but right now HOOD stock looks unstoppable.
MicroStrategy (MSTR)
MicroStrategy (NASDAQ:MSTR) has been one of the best investments anyone can make. MSTR stock has more than doubled this year, having gained 115% since January. Over the last 12 months, the company’s share price has risen an astounding 421%. That’s double the growth of Nvidia (NASDAQ:NVDA) stock during the same time period. While MicroStrategy is technically a software and cloud computing company, its holdings of Bitcoin (BTC-USD) is what’s driving the stock price.
MicroStrategy CEO Michael Saylor is a notorious Bitcoin bull and has just announced plans to add even more BTC to the company’s balance sheet. MicroStrategy plans to raise an additional $500 million through the issuance of convertible senior notes and use the funds generated to buy more Bitcoin. MicroStrategy currently holds 214,400 Bitcoin worth more than $14 billion. The company owns more BTC than any publicly traded company.
Should Bitcoin’s price rise to $100,000 as many people expect, it will be a huge catalyst for MSTR stock.
Micron Technology (MU)
Micron Technology’s (NASDAQ:MU) stock has been on fire ever since the company’s last earnings report at the end of March. Year-to-date (YTD), MU stock is up 72%, making it one of the best performers in the benchmark S&P 500 index. Over 12 months, the company’s share price has more than doubled (up 105%). The company, which makes memory and storage for computers and specializes in USB flash drives, reported financial results that impressed both analysts and investors.
Micron’s earnings per share (EPS) of 42 cents was well above the negative 25 cents expected among analysts who cover the company. Revenue in Micron’s fiscal second quarter totaled $5.82 billion versus $5.35 billion expected on Wall Street. Company executives said they’re realizing benefits from the current AI boom, with demand for its memory and computer data storage products growing at a fast rate. This was exactly what investors wanted to hear. Micron next reports financial results on June 26.
On the date of publication, Joel Baglole held a long position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.