2 Stocks That Turned $1,000 into $1 Million (or More)

Key Points

• You only need to find one amazing stock to supercharge your investment returns.

• It's important to diversify, because you don't know which stocks will be the long-term winners.

• You don't need to find hot IPO stocks to get amazing growth potential.

• 10 stocks we like better than Amazon ›

The stock market has been an incredible wealth-generating machine over time, and some lucky investors who have had the patience to buy and hold have seen initial investments as small as $1,000 turn into positions worth $1 million or more over the course of several decades.

But it's more than luck. If you had picked 25 to 30 stocks and invested $1,000 in each of them 30 or 40 years ago, there's a good chance that you'd be a millionaire today. Sometimes, it only takes one stock really taking off to more than compensate for a raft of underperformers. Think about it: If out of 30 stocks, each with a $1,000 investment, one goes on to gain 10,000% over 40 years, while every single other one goes down to zero, you'd still end up with $971,000.

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You may not find that one stock that grows 10,000%, but you're also unlikely to lose $29,000 of your initial investment. That's one of the reasons it's so important to diversify. Altogether, your money can create a million-dollar portfolio.

Over the decades, both Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) have turned $1,000 stakes into more than $1 million. They still offer value today, and they're excellent examples of why investors should stick with top stocks over time and through challenges.

1. Amazon: The king of e-commerce and more

If you had invested $1,000 in Amazon stock when it went public in 1997 and held on, you'd have a position worth $2.3 million today. It's easy to see how Amazon powered past larger retailers in its heady early days, acquiring e-commerce companies like they were going out of style on its way to the top.

With its "day one" approach, it has constantly launched new and improved features and businesses. Some of those have failed, but plenty of others have gone on to be incredible additions to its operation. The standout example is Amazon Web Services, which was started by current CEO Andy Jassy. Cloud services are only tangentially related to e-commerce, but Amazon invested in the unit nearly 20 years ago, and it has turned into the company's star business. It's been the main source of Amazon's operating income for years, and it was the company's fastest-growing segment for many years as well. Today, it's the base from which Amazon is launching its all-important artificial intelligence (AI) business.

Even though it's the dominant player in two growth industries -- e-commerce and cloud services -- and looks like it still has a tremendous runway ahead of it, Amazon stock is up slightly for the year. Investors are worried about how it will be affected by tariffs, as well as competition in the cloud. However, investors should keep the long view in mind. Amazon stock has gained nearly double the S&P 500 over the past year.

At the current price, Amazon stock trades at a forward 1-year P/E ratio of 30, which would be an excellent level for new investors to open a position or for current shareholders to add to one. I wouldn't expect Amazon stock to turn $1,000 into $1 million again, but it could act as a solid anchor for your portfolio while you also invest in some younger growth stocks that could be the next millionaire-makers.

2. Apple: The power of being exceptional

If you had invested $1,000 in Apple stock when it went public and held on over the intervening decades, you'd be a millionaire today. But even if you had invested during one of its dips, or at the same time Amazon went public -- a full 17 years after Apple did -- you'd have a position worth $1.7 million. It's great to keep in mind that you don't have to invest in stocks at their initial public offerings to find options with massive growth potential.

Apple has carved out a niche in technology by offering superior products. Apple's MacBooks, iPhones, iPads, and other devices are created with the user in mind, and once buyers sample them, they often never turn back, becoming fully enmeshed in the Apple ecosystem. That has created a huge base of repeat buyers, with fans typically upgrading when new iterations of products are released.

The company has also expanded widely into subscription services like Apple TV+ and Apple Music, which are higher-margin businesses and add to the bottom line.

The market hasn't been enthused about Apple either this year. It seems to be falling behind in the AI race, its sales are slowing down, and investors are worried about the large share of its revenues that comes from a single product. Today, iPhone sales represent almost half of Apple's total sales, and absent major improvements and upgrades in the latest models, customers won't necessarily buy new ones.

Apple is likely to make a comeback, whether by releasing a new breakthrough product, an unexpected update, or by delivering exciting new features connected to Apple Intelligence. As with Amazon, I wouldn't expect a $1,000 investment in Apple stock made today to turn into $1 million, but Apple can help round out a well-diversified portfolio with other growth stocks.

Should you invest $1,000 in Amazon right now?

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Jennifer Saibil has positions in Apple. The Motley Fool has positions in and recommends Amazon and Apple. The Motley Fool has a disclosure policy.