3 Millionaire-Maker Tech Stocks That Should Be on Your Radar

These three tech stocks have already proven themselves worthy, but have a lot more to prove in the near future. Especially if you want millions.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published June 21, 2024 9:30 pm EDT

Many tech stocks out there have proven to be growers in the past. But many of these then come crashing down. Which is why today we’re going to look at tech stocks that should make you millions with far less risk. With that in mind, here are three tech stocks that should certainly be on your radar.

Digital background depicting innovative technologies in (AI) artificial systems, neural interfaces and internet machine learning technologies — Source: Getty Images

Sectors to watch

While tech stocks in general could do well, there are two sectors in particular to watch. The artificial intelligence (AI) industry is projected to grow significantly, with the global market expected to reach US$1.8 trillion by 2030. Continuous innovation and increasing adoption across various sectors are key drivers of this growth.

Furthermore, the semiconductor sector is crucial for AI and other advanced technologies. Companies making strides in this area, with innovations in optoelectronics and specialty semiconductors, should certainly do well. So, let’s get right into tech stocks supporting this growth.

Kinaxis

First up we have Kinaxis (TSX:KXS), which specializes in AI-integrated supply chain management software. Their RapidResponse platform helps enterprises manage and optimize their supply chains using AI for data analysis and problem detection. With a robust client list including Merck and Agilent Technologies, Kinaxis is a strong player in the AI sector.

Kinaxis stock reported revenue of $160.9 million in the first quarter of 2024. This beat the consensus estimate of $158.3 million. Their earnings per share (EPS) for the quarter was $0.36, surpassing the expected $0.30. This marked a notable improvement from Q1 2023, where revenue was $136.8 million.

For the future, analysts have a consensus price target of $199.44 for Kinaxis, with a high estimate of $225 and a low estimate of $175. The company is expected to continue benefiting from the increasing adoption of AI in supply chain management, driving future revenue and earnings growth.

Celestica stock

Another company due for a boost is Celestica (TSX:CLS). Celestica stock is a leader in design, manufacturing, and supply chain solutions for various sectors, including aerospace, defence, healthcare, and industrial. The company leverages advanced technologies, including AI, to optimize its manufacturing processes and supply chains.

For Q1 2024, Celestica reported revenue of US$1.8 billion, up from US$1.8 billion in the same quarter last year. Their net earnings were US$35 million, a slight increase from US$32 million in Q1 2023. But the future looks even brighter.

Celestica stock is expected to continue its steady growth trajectory, driven by its diversified client base and strong demand in sectors like healthcare and defence. The company’s focus on integrating AI into its manufacturing processes is likely to enhance operational efficiencies and drive long-term growth. And with shares up 318% in the last year, it’s certainly a potential tech stock for millions.

OpenText stock

Finally we have OpenText (TSX:OTEX), which specializes in enterprise information management solutions, offering AI-powered products for content management, business process management, and customer experience management. The company has a strong market presence with a history of steady growth.

In the most recent quarter, OpenText reported revenue of US$1.2 billion, up from US$1.1 billion in the previous year. Their adjusted earnings per share was US$0.89, exceeding the consensus estimate of US$0.85. Furthermore, its strategic acquisitions and continued focus on expanding its AI capabilities position it well for future growth. Analysts have a positive outlook on the stock, expecting it to benefit from increasing demand for AI-driven enterprise solutions.