7 Tech Stocks That Could Be Millionaire-Makers: May Edition

Tech stocks continue to offer investors big growth opportunities. While the market rally is broadening out, tech stocks are still leading with outsized gains.

Technology stocks have been among the best performers in the stock market over the past decade. While the market rally is broadening out this year, tech stocks are still leading with outsized gains. And it is not just the mega-cap technology companies known as the Magnificent 7 where opportunities are to be found. A range of different technology stocks are providing shareholders with market beating returns.

Catalysts such as artificial intelligence (AI), a rebound in online advertising, the popularity of streaming, demand for microchips and semiconductors, and the resurgence of cryptocurrencies are propelling stocks of technology companies to new heights. While there are other sectors to invest in, none have provided as much consistent growth as tech stocks since we emerged from the 2008-09 financial crisis 15 years ago.

Here are seven tech stocks that could be millionaire-makers: May edition.

1. Dell Technologies (NYSE:DELL)

Shares of Dell Technologies (NYSE:DELL) have doubled in the last six months and continue to run hot. DELL stock recently closed at an all-time high on expectations that the company will see exponential growth from sales of both AI laptop computers and servers. The company run by founder Michael Dell has emerged as a leader in the AI sector. In the last 12 months, the company’s share price has risen 211%.

The most recent boost to Dell stock came after investment bank Morgan Stanley (NYSE:MS) raised its price target on the shares and forecast that the company would get a sizable revenue boost from sales of servers that run AI applications. Morgan Stanley expects about $10 billion of AI server revenue from Dell in the company’s current fiscal year that ends in February 2025.

The bank lifted its price target on DELL stock to $152 a share from $128 previously and named the company a “top pick” in the technology sector.

2. Reddit (NYSE:RDDT)

Shares of social media company Reddit (NYSE:RDDT) have moved higher based on two recent catalysts. Most recently, RDDT stock increased 11% on news that it has struck a partnership with leading AI start-up OpenAI. The OpenAI partnership is expected to attract more users to Reddit’s social media platform with AI-enhancements and increased advertising. OpenAI has committed to becoming an advertising partner of Reddit, which runs online message boards, including the popular WallStreetBets site.

Secondly, Reddit, which held its initial public offering (IPO) at the end of March this year, got a boost after the company issued its first earnings report as a public company. RDDT stock jumped 15% higher after the concern reported a better-than-expected loss per share of $8.19, which was not as bad as a loss of $8.71 that was expected among analysts. Sales in the quarter totaled $243 million, which was much better than consensus forecasts of $212.8 million. Reddit said its sales rose 48% from a year earlier.

RDDT stock is now up 30% since its market debut two months ago.

3. Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL)

The stock of technology giant Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is also trading at an all-time high, having risen 35% in the last two months. GOOGL stock has caught fire on growing evidence that the company is reasserting its dominance in the field of AI. Alphabet just held its annual I/O developer conference where it unveiled a host of new AI innovations, winning praise from analysts and investors.

Also in recent weeks, Alphabet declared its first ever dividend payment alongside blowout first-quarter earnings. The technology giant will pay a cash dividend of 20 cents per share starting on June 17. The company also announced a new $70 billion stock buyback program. The company had $108 billion of cash at the end of Q1. The dividend and share repurchases were announced alongside Q1 results that crushed forecasts, boosted by a resurgence in online advertising.

GOOGL stock is now up 42% over the past 12 months.

4. Super Micro Computer (NASDAQ:SMCI)

There’s currently a buy-the-dip opportunity with the stock of Super Micro Computer (NASDAQ:SMCI). The shares have pulled back in recent weeks and are currently trading 25% below their 52-week high. The drawdown comes following explosive growth in SMCI stock. In the last 12 months, the company’s share price has risen 457%. And that’s after the current pullback is factored in. So far in 2024, SMCI stock has more than tripled.

The growth in Super Micro Computer’s stock was big enough to get it added to the