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3 Millionaire-Maker Stocks to Buy in February 2024

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Wealth cannot be built overnight, and while all of us aim to become millionaires through our investments, it takes research and patience to hit the jackpot. Since there are endless investment opportunities in the market today, one has to skim through them all to choose the right stocks to bet money on. Some stocks are industry leaders, and besides offering safety, they ensure steady growth and dividend income. It is never too late to invest in stocks that have shown resilience and have strong upside potential for the coming years. With that in mind, we take a look at the three millionaire-maker stocks to buy this month. While these stocks aren’t cheap, but are worth your money. 

Millionaire-Maker Stocks to Buy: Amazon (AMZN)

Closeup of the Amazon logo at Amazon campus in Palo Alto, California. The Palo Alto location hosts A9 Search, Amazon Web Services, and Amazon Game Studios teams. AMZN stock

Source: Tada Images / Shutterstock.com

An e-commerce leader, Amazon (NASDAQ:AMZN) is a giant that has grown in every possible manner. Once known for selling books, the company offers everything you want today. It has a strong history of outperforming the market and is one stock that will not disappoint.

It has managed to survive the inflationary period and has reported solid revenue numbers in the recent quarter. I had expected the company to beat expectations due to the holiday season, and if you had bought AMZN stock then, you would already be sitting on gains. 

AMZN stock is up 77% in the past year and 12% year to date. The company has an edge in the industry due to its wide umbrella of products and services. It has a presence across advertising, cloud computing, e-commerce, logistics and artificial intelligence. The recent quarter saw significant growth in the advertising segment, and the revenue came in at $14.7 billion, up 27% year-over-year (YOY), while the AWS revenue was $24.2 billion, up 13% YOY. 

It saw a 14% rise in e-commerce sales driven by the holiday season. The company has introduced Bedrock to build generative AI that will help scale AI applications, and I believe that will boost the demand for AWS shortly. The management is aiming for growth in the range of 8% to 13% in the quarter. 

AMZN stock is exchanging hands for $168 today and is worth an addition to your portfolio. It is a strong buy and hold for the long term because the company has immense potential to win the market and continue growing in the coming years.

Over a dozen analysts have a Buy rating for the stock. While the company has enough liquidity, it doesn’t pay dividends yet but could introduce them soon. 

Microsoft (MSFT)

Microsoft logo close up. Microsoft (MSFT) Flagship Store Fifth Avenue, Manhattan, NYC.

Source: The Art of Pics / Shutterstock.com

Microsoft (NASDAQ:MSFT) is one of the long-term millionaire-maker stocks to own. It is thriving with artificial intelligence investments and is one company that can make the most of the AI hype. It invested in OpenAI and currently holds a 49% stake. The company also introduced Copilot to cater to the needs of businesses and consumers.

MSFT is known for its successful Microsoft Azure, which significantly contributes to revenue. I believe it will start seeing the returns on its AI investments this year, and we will also see higher retention from other firms and consumers. 

Having recently hit the $3 trillion market cap, Microsoft has reported a growth of 18% YOY in revenue, and its Azure segment grew 30% YOY. The net income was 33% higher YOY, and it has already committed to spend over $1 billion on Azure this quarter. An improvement in the PC segment will also boost the company’s sales in the coming quarters. 

It has a lot to look forward to this year with the Activision acquisition and the anticipated improvement in the gaming sector. If you want to make the most of the AI hype, invest in MSFT stock, and you could turn your investment into millions.

The company is now planning to expand into Germany and Spain. It will invest $3.5 billion and $2.1 billion, respectively, in AI technology. I feel Microsoft is only getting started when it comes to expanding its AI prowess. 

I’ve said this before, and I will say it again, Microsoft is one stock to buy and hold forever. The company will also generate passive income for you in the form of dividends. It has a modest dividend yield of 0.75%. Trading at $402 today, the stock is up 8% year to date. But for Microsoft, the sky is the limit. 

Nvidia (NVDA)

Nvidia logo seen on smartphone which is placed on pile of US dollar bills. Concept. Selective focus. Stocks to buy like Nvidia

Source: Ascannio / Shutterstock.com

Tech giant Nvidia (NASDAQ:NVDA) is one of the best millionaire-maker stocks to own right now. The company is already a leader in the AI space and has seen massive revenue growth in 2023. NVDA stock is up 225% in the past year and up 37% year to date. Trading at $674 today, the stock isn’t cheap, but it can keep moving upwards and hit $1,000. It has been driving the market for the past 11 months and is still standing strong. 

The company reported results yesterday and beat analyst expectations. In the fourth quarter, the sales in its data center segment surged over 400% YOY to hit $18.4 billion. Nvidia reported a record quarterly revenue of $22 billion, up 265% YOY and the full-year revenue came in at $60 billion, up 126%.

It also announced a cash dividend of $0.04 per share. The management stated the demand for AI is growing worldwide, and I believe there is no company better than Nvidia when it comes to AI. The company is already building a new unit to design custom chips for other businesses. 

The company expects first-quarter revenue of $24 billion. The management has an optimistic outlook about the coming quarter, and I am certain it will deliver on its promises.

Even if you haven’t had a chance to buy NVDA stock in 2023, do not delay in making your move. The expectations from Nvidia are outlandish, but it can deliver on them. 

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.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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