The tech industry has created many millionaires over the years. Since 2014, the Nasdaq-100 technology sector has increased by 377%, achieving significantly higher growth than S&P500That’s a 184% increase. Macroeconomic concerns have caused the market to tumble over the past month, with the technology sector of the Nasdaq-100 falling about 7%.

But the decline is precisely why it’s so important to maintain a long-term perspective when investing in technology. The industry benefits from continuous innovation and investment by the companies that drive the market forward. So it’s no coincidence that the world’s five most valuable companies all have strong exposure to technology, leading industries like consumer goods, chip design, productivity software, cloud computing, e-commerce, and more.

These sectors continue to grow today, boosted by advances in related technologies like artificial intelligence (AI), so it’s not too late for new investors to make big gains over the next decade. So here are two top tech stocks that could make you a millionaire with the right investment.

1. Nvidia

Whether you are a casual investor or a professional trader, you are probably aware NVIDIA‘S (NVDA 0.98%) meteoric rise since early 2023. The company’s market capitalization was around $360 billion at the beginning of last year and has since increased 751% to over $3 trillion, making it the first chipmaker to do so.

Nvidia has dominated the graphics processing unit (GPU) space for years, with its market share in desktop GPUs growing steadily from 65% in 2014 to 88% in 2024. For most of that time, the company’s success has been based on selling its GPUs directly to consumers, who used the chips to build powerful PCs for gaming and video editing.

However, with the rise of artificial intelligence, demand for data center chips has shifted from central processing units (CPUs) to GPUs, and Nvidia is perfectly positioned to supply its hardware to countless companies. GPUs are crucial to the development of artificial intelligence because of their ability to perform multiple tasks simultaneously. As a result, Nvidia’s stock and profits have skyrocketed in recent months.

Data from YCharts

This chart shows the huge financial gains Nvidia has made since the start of 2023 as sales of its AI GPUs have skyrocketed. The company achieved quarterly free cash flow of $15 billion this year, far outperforming its competitors. AMDFree cash flow reached $439 million, while Intelis minus 3 billion dollars.

Nvidia’s stellar earnings growth helps the company not only in AI, but across the entire technology space. With more cash reserves than its competitors, the company has the means to follow the market and continue to invest in its technology, whether the industry moves toward self-driving vehicles, virtual/augmented reality, or another sector.

The company’s price-to-earnings (P/E) ratio is high at 46. However, this is not much higher than its five-year average of 42, when Nvidia stock rose more than 3,000%. Therefore, Nvidia is worth considering right now as this stock can make you a millionaire.

2. Microsoft

Microsoft (MSFT -0.15%) is no stranger to making people millionaires. Since its IPO in 1986, the company’s stock price has risen 430,000%. The company has reached historic highs thanks to the success of its own brands such as Windows, Office, Azure, Xbox, and LinkedIn. These products played to Microsoft’s strengths as a software king and allowed the company to gain positions in technology areas such as operating systems, productivity software, cloud computing, video games, social media, and more.

As a result, Microsoft’s reach in the technology space is enormous, and the entire industry has catalysts for growth. The company has earned a reputation for reliability thanks to its consistent stock and financial growth. In the last five years alone, Microsoft’s revenue and operating income have steadily increased by 96% and 120%, respectively. At the same time, quarterly free cash flow has increased by 123% to $23 billion.

Microsoft has used its huge profits to regularly reinvest in its business. In 2019, with what seemed like the foresight of the century, the company invested $1 billion in ChatGPT developer OpenAI. That figure has now grown to an estimated $13 billion, giving Microsoft access to some of the most advanced AI models on the market.

As part of the collaboration, Microsoft has implemented AI across its software offering, with new tools on Azure and a range of generative capabilities on its productivity platforms. The Windows company’s AI expansion has boosted its overall business, with revenue up 16% year-over-year in fiscal 2024 and operating profit up 24%. The period brought impressive growth in productivity and cloud computing, with revenue in those respective segments increasing 12% and 20%, respectively.

Microsoft’s P/E ratio of 35 doesn’t exactly scream bargain. However, it doesn’t tell the whole story either. The number is only slightly higher than the company’s 10-year average P/E ratio of 32, suggesting the stock isn’t often on sale. The company’s stock has risen 834% over the past decade, suggesting it remains an attractive way to invest in technology right now.