There are about 24 million millionaires in the U.S., which is approximately the population of Florida. And while a million dollars doesn’t go as far as it used to, it’s still a healthy sum.
The stock market, and artificial intelligence (AI) stocks in particular, can offer an excellent pathway for those looking to crack the $1 million mark. So, let’s examine two AI stocks primed to make (more) millionaires: CrowdStrike (NASDAQ: CRWD) and Amazon (NASDAQ: AMZN).
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CrowdStrike
Let’s face it, cybercrime is out of control. The most recent evidence is the CDK Global ransomware event that affected tens of thousands of car dealerships across the U.S., causing them to revert to pen-and-paper procedures as critical software for sales and repairs became unavailable.
One way for organizations to prevent these attacks is AI-powered cybersecurity, like the kind developed by CrowdStrike. The company’s cybersecurity platform monitors customers’ networks and proactively identifies threats. What’s more, the platform benefits from a strong network effect — as more customers sign up with CrowdStrike, the company’s AI becomes more effective.
The benefit of CrowdStrike’s software is reflected in the company’s outstanding financial results. CrowdStrike’s trailing-12-month revenue has skyrocketed from $250 million to $3.3 billion — a more than 10x increase — in only five years. In addition, analyst estimates for next year’s revenue have increased to $5.1 billion.
CRWD Revenue Estimates for Next Fiscal Year Chart
Simply put, the company is riding a wave of demand for better, more agile cybersecurity solutions as the number of attempted cyberattacks continues to skyrocket. Growth-oriented investors should consider owning CrowdStrike stock now and for many years to come.
Amazon
Amazon, a colossal company, has established market leadership in its e-commerce and cloud computing divisions. However, its AI division has yet to make a significant impact. This could be about to change, as Amazon’s AI division holds immense potential for growth.
Its Alexa-enabled smart…
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