3 Software Stocks That Could Make You a Millionaire

Do you want to be rich? Clearly, professional athletes and entertainment figures are doing well for themselves. But not everyone has the ability to be both.

Lucky for the rest of us. You can still be a self-made millionaire. Even if you only have ordinary income. It’s important to find, buy and hold the right stocks. It’s also worth noting that technology stocks have shared a larger share of long-term gains. And that makes sense. The companies behind these are delivering some of the most revolutionary advancements in the world.

Here’s a closer look at three software stocks. which is a subgroup of the technology sector That could help you become a millionaire if you are willing to give them enough time.

  1. C3.ai
    You’re probably aware of the rise of artificial intelligence (AI) platforms, like ChatGPT, Google’s Gemini (formerly Bard), or what Microsoft (NASDAQ: MSFT) calls Copilot. You might even customize some of these tools yourself to see. What it can do, and if you have one, you’ll probably be impressed.

However, what you may not have seen before are the practical and widespread commercial uses for common AI-powered chatbots.

Just understand that platforms like ChatGPT or Gemini aren’t the only artificial intelligence tools out there. There are higher end business-focused AI platforms that are already generating revenue.

C3.ai (NYSE: AI) is one of the bigger names behind such enterprise solutions. And it has no problem selling, for example, Shell, the oil and gas giant. Use C3’s technology to predict which parts or components of a company’s physical infrastructure need maintenance. This means less downtime due to unexpected failures. United States Air Force It has implemented a similar project with the goal of ensuring that its aircraft remain more airworthy. The company’s software is also being used to help fight the COVID-19 pandemic.

The point is, most enterprise customers are still just learning about the full potential of artificial intelligence. and all that can be done Most growth is ahead, rather than behind. Precedence Research predicts that the global AI software market will grow at an annual rate of 23% through 2032, as enterprises More and more people are starting to pay for access to such tools. C3’s top line is expected to increase to 23% this year and another 22% next year.

Yes, the company’s post-earnings surge makes the thought of jumping into the stock now a little scary. Don’t be intimidated, though: C3 stock remains closer to its all-time lows in late 2022 than to its all-time highs in late 2020. There’s still plenty of room for more upside.

  1. Palo Alto Network
    Almost as long as personal computers have existed. Criminals try to take advantage of their weaknesses. And as long as computers and the networks they are part of continue to exist into the future. Evil people will continue to take advantage of them.

computer use The proliferation of smartphones (and smartphones) is creating more opportunities for cybercrime. According to the report of the Federal Bureau of Investigation of the United States. Online fraud increased 10% last year, resulting in a 22% increase in financial losses. All told, the FBI estimates cybercrime losses in 2023 to reach $12.5 billion in the U.S. alone.

Enter Palo Alto Networks (NASDAQ: PANW), one that keeps the world protected from digital threats. Firewalls, Internet of Things (IoT) support, malware protection. Data protection and secure remote login These are just some of the services in the product group. And it’s good at what it does. Technology market research firm Gartner rates its endpoint protection platform as one of the best available, for example.Anyone following this company and/or this stock likely knows that this superiority hasn’t mattered much lately. Meanwhile, the stock plunged into record territory in February right before the company announced its fiscal Q2 results. Well, there’s some scary year-long retrospective advice for investors. This led to a sharp drop after earnings. Stock recovery efforts since then have not gained much traction.

Step back and look at the bigger picture. This company’s earnings are still expected to improve 16% this year and another 14% next fiscal year. With comparable growth in the cards segment at least through 2028, revenue is expected to grow at an even faster clip in that time frame. That’s slightly faster than the nearly 10% annual growth that Inkwood Research forecasts for the global cybersecurity business through 2032, but Palo Alto Networks is positioned to capture more than its fair share of this growth.

  1. Microsoft
    Last but not least, add Microsoft to your list of millionaire-making software stocks.

It’s old but it’s good. Of course, Microsoft is the original giant of the software market. The Windows operating system was a key reason personal computers became commonplace in the 1990s, although personal productivity and entertainment software certainly helped launch the PC era.

Microsoft is now also the name behind the Bing search engine, which owns LinkedIn, providing cloud computing infrastructure. and created the Xbox video game console – just to name a few other ventures.

However, the company is still a largely software company and a significant one. According to GlobalStats, the Windows operating system is installed on nearly three-quarters of the world’s personal computers. Office productivity software such as Word and Excel still hold a large share of the market.

It’s the way the software business is changing – and the way Microsoft is changing – that makes this stock a must-have for most portfolios.

Instead of purchasing and installing ready-made software (from disc) one-time Consumers and companies A growing number are “renting” access to cloud-based versions of these programs. Although the monthly and annual subscription fees are relatively low, But that is a competitive advantage. That’s because their costs are low enough that customers are willing to subscribe to them for a long time. This reduces the company’s ultimate marketing costs. At the same time, it increases the reliability and predictability of the company’s revenue.

As already mentioned Perhaps Microsoft’s most meaningful growth engine is its least visible. That’s the cloud computing business. Although the company still lags behind Amazon’s 31% cloud market share, figures from Synergy Research Group indicate that Microsoft’s cloud computing business is growing faster than any other provider. And with a 24% share, it’s no surprise that Microsoft could become the world’s leading cloud provider in the near future.

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