The technology industry has created many millionaires, with the Nasdaq-100 technology sector up 362% since 2014. The index has S&P500 Index, which rose 179% over the same period. Technological advances continually drive the market forward, and regular breakthroughs require consumers and businesses to upgrade their hardware and software.

It’s no surprise, then, that four of the world’s five most valuable companies are technology leaders operating in industries such as consumer goods, productivity software, chip design, and digital advertising. Emerging sectors such as artificial intelligence (AI) and cloud computing are currently among the industry’s biggest growth drivers, making their respective market leaders attractive investments.

So here are two tech stocks that can make you a millionaire in August before it’s too late.

1. Nvidia

After more than a year of rising share prices and brilliant quarterly results, it is probably not surprising that NVIDIA (NASDAQ: NVDA) is on that list. The company’s shares have risen 132% since last August. At the same time, quarterly operating income and free cash flow have increased 112% and 62%, respectively, which has increased cash reserves.

A sell-off in the technology sector last month, triggered by recession fears, sent Nvidia’s shares down 16%. However, continued earnings growth and a dominant role in the technology sector mean the decline reinforces a positive argument for the company’s stock and provides an opportunity to invest at a discounted price.

In the first quarter of fiscal 2025, Nvidia reported a 262% year-over-year increase in revenue, while operating income rose 492%. The company benefited from significant growth in its data center segment, driven by an increase in sales of graphics processing units (GPU) for artificial intelligence. Total revenue for the quarter exceeded Wall Street forecasts by more than $1 billion.

Outstanding earnings have become a trend for Nvidia, and it has beaten expectations for at least the last four quarters. The company will report its second-quarter 2025 results on August 28 and will likely continue the recent growth trend after its chip rival delivered stellar results. Advanced micro deviceslast month. AMD has the second-largest market share in AI chips after Nvidia and achieved a record 115% year-over-year revenue increase in its data center segment in the second quarter of 2024.

AMD’s win proves that AI still has a lot to offer for technology companies. And as an industry leader with an estimated 80% market share in AI GPUs, Nvidia is a millionaire-making stock worth buying right now.

Nvidia’s price-to-earnings (P/E) ratio is high at 62, but well below its five-year average of 80. The company’s stock is up more than 2,000% compared to that average, making it a value relative to Nvidia’s potential.

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2. Amazon

Amazon (NASDAQ:AMZN) has posted impressive gains over the years, with the stock up nearly 1,000% since 2014. Its tremendous success in e-commerce and cloud computing with Amazon Web Services (AWS) has caused operating income and free cash flow to skyrocket 20,000% and 2,000%, respectively, during that time. In fact, the company’s free cash flow reached more than $48 billion this year, and some analysts speculate that the company could be close to paying its first dividend.

Thanks to its extremely diverse business model, the retail giant has become one of the best ways to invest in technology. Consistent reinvestment over the years has allowed Amazon to diversify its revenue streams and expand its reach with solid positions in online retail, AI, grocery, video streaming, digital advertising, and more.

Amazon’s second-quarter 2024 earnings reflect its diversified business. Revenue rose 10% year-on-year after only mediocre growth in its retail business. However, total operating income more than doubled year-on-year to $14.6 billion, driven by significant gains from AWS.

The company saw impressive gains in its digital businesses during the quarter, with AWS sales up 19% year-over-year and advertising services revenue up 20%. Amazon’s role in technology is growing rapidly and has become a larger part of the business over the years, allowing the company to tap into markets with attractive margins. AWS has given the company a strong position in AI. The Prime Video streaming service provides the company with a powerful advertising tool and a new growth catalyst.

Like Nvidia, Amazon’s P/E ratio of 40 is well below its five-year average of 89. The company has created many millionaires in the past, but it’s probably not there yet, and its shares are an attractive option this year.

Should you invest $1,000 in Nvidia now?

Before you buy Nvidia stock, consider the following:

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Dani Cook does not own any of the stocks mentioned. The Motley Fool owns and recommends Advanced Micro Devices, Amazon, and Nvidia. The Motley Fool has a disclosure policy.

2 Millionaire-Maker Technology Stocks was originally published by The Motley Fool