3 Tech Stocks to Make You the Millionaire Next Door: 2024 Edition

Stock Market

The year 2023, in terms of technology, was an incredible year. It was the year in which artificial intelligence and other sectors within technology were boosted. This new year we can also take advantage of a good tech rally with companies that have great potential. Here are three millionaire-maker tech stocks that you can analyze to consider adding to your portfolio this new year.

Semtech (SMTC)

SMTC stock: The Semtech logo on a sign outside its building

Source: Shutterstock

Semtech Corporation (NASDAQ:SMTC) is like the technology artist in the semiconductor world, with high-performance chips, IoT systems and cloud connectivity services.

They just launched a hybrid cloud security feature for their AirLink routers, offering enterprises a combination of cloud scalability and on-premises control for top-notch security. It’s like having the best of both technological worlds.

Financially, they are flexing their muscles with net sales of $200.9 million, far exceeding their own expectations. Its GAAP gross margin of 46.3% and non-GAAP gross margin of 51.3% are both record-breaking.

While GAAP diluted loss per share is $0.60, non-GAAP diluted earnings per share is $0.02, beating expectations. It’s like hitting the bull’s-eye in a high-tech archery game.

Now, they’re moving chips, they just announced they’re launching $250 million in convertible senior notes into the financial mix. With about $242.5 million in net proceeds, they plan to pay off some term loans and get other financials in order.

Simply put, they’re not just in chips and circuits, they’re launching innovations like the Hybrid Cloud and making money moves that point to a solid future. It’s like investing in the future of technology with a company that’s not afraid to break new ground.

Workday (WDAY)

Workday Layoffs. A close-up view of a Workday (WDAY Stock) sign in Pleasanton, California.

Source: Sundry Photography / Shutterstock.com

Workday (NASDAQ:WDAY), a key player in enterprise cloud applications, is on a mission to transform the way organizations manage their most valuable assets, people and finances.

With more than 10,000 organizations worldwide relying on Workday, the company is known for delivering transparent and accountable solutions.

In its recent fiscal quarter, Workday showed impressive growth with total revenue reaching $1.87 billion, an increase of 16.7%. In particular, subscription revenue increased 18.1%, contributing to the company’s strong financial position.

At its annual customer conference, Workday Rising, the company unveiled cutting-edge AI and machine learning capabilities designed to drive productivity and enhance the employee experience.

The introduction of Generative AI, Workday AI Marketplace and Workday AI Gateway capabilities reflects Workday’s commitment to innovation. These advancements leverage the world’s largest and cleanest HR and financial data set in the world, which processes more than 625 billion transactions per year.

Beyond AI, they introduced tools to help companies manage their core assets, people and money. This includes features such as generative AI capabilities in Workday Adaptive Planning and Manager Insights Hub in Workday Human Capital Management. The User Success Platform provides real-time guidance to employees, improving their experience.

The expanded collaboration between Workday and ADP (NASDAQ:ADP) further solidifies Workday’s commitment to delivering an exceptional user experience. By creating seamless interactions between their systems, the partnership aims to provide the customer with greater visibility into data across the HCM environment.

Splunk (SPLK)

Splunk (NASDAQ:SPLK) is the cybersecurity and observation guy, working tirelessly to protect our data and make sure everything runs smoothly.

In Q3, not only is Splunk doing a great job, but they are also gaining financial ground with a 15% increase in year-over-year recurring revenue and an impressive 26% growth in cloud revenue.

Splunk’s portfolio is on fire with over $4 billion in annual recurring revenue. Its operating cash flow soared 182% and adjusted free cash flow increased 199% in the last twelve months. With more than 800 customers generating more than $1 million in revenue, they are not only on top, they have the confidence of the big players in the market.

At a conference this December, Splunk found that while everyone is jumping on the AI bandwagon, trust is still a challenge. This means there is a market waiting for them and their industry-leading artificial intelligence to solve this problem and lead the way to digital trust.

In July 2023, we learned a cool story, Carnival (NYSE:CCL), the giant cruise company, relies on Splunk to keep its 300,000+ guests and crew safe every day. This company is not only the security hero, but also helps Carnival solve problems quickly, reducing response time by up to 98%.

As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

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