2 Growth Stocks That Can Double By 2030

Doubling your money in five years is achievable if you invest in the right stocks. Investors can't afford to sleep on the long-term opportunities in artificial intelligence (AI). AI remains a significant growth catalyst for the technology sector, which has historically outperformed the broader stock market.

Here are two promising growth stocks that could potentially double in value by 2030.

Image source: Getty Images.

1. SoundHound AI

SoundHound AI (NASDAQ: SOUN) is a leader in voice recognition technology, and the growing adoption of AI is expanding its addressable market. SoundHound has been investing in this technology for 20 years. Its business strategy is to monetize its technology through subscriptions and license its solutions to other companies. Restaurant brands have been one of the biggest markets so far, but the market potential is extending across multiple industries.

Revenue grew 68% year over year in the third quarter. With just $42 million in quarterly revenue, SoundHound hasn't yet achieved the scale needed to generate a consistent profit. But analysts project annual revenue will increase from $84 million in 2024 to $284 million by 2027. Management expects to turn a profit on an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) basis by the end of this year.

The voice assistance market presents a massive opportunity, and SoundHound is well-positioned to lead it. It has billions of data points to train its proprietary AI models, enabling it to offer superior voice recognition technology compared to its rivals.

The stock has risen in tandem with the company's growth over the past few years. At a market cap of just over $5 billion, there could be significantly more upside over the next five years and beyond. As SoundHound expands beyond restaurants and auto to financial services, healthcare, and other markets, its long-term addressable market is estimated at $140 billion. It's certainly reasonable to expect this stock's market cap to double to a value of $10 billion in five years.

Image source: Getty Images.

2. Dell Technologies

Dell Technologies (NYSE: DELL) is a leading PC brand and seller of related peripherals, but it's also the world's leading supplier of servers. As more data centers come online, Dell is expected to experience robust revenue growth from its infrastructure solutions business, which could potentially double the share price by 2030.

Dell designs AI-optimized servers using the most advanced chips and cooling technology. Its infrastructure segment reported a 44% year-over-year revenue increase in the second quarter. This contributed to a 19% year-over-year increase in total revenue, which helped offset a sluggish 1% increase in Dell's PC business.

When Microsoft recently announced a $9.7 billion deal with IREN for additional data center capacity, IREN simultaneously announced an agreement to purchase chips and equipment from Dell for $5.8 billion. This is just the beginning. The need for more AI infrastructure is expected to drive the server market at a compound annual growth rate of 29% through 2029, according to International Data Corporation. Dell is well-positioned to ride that growth.

Dell's competitive advantage in servers is based on offering value-added services, including installation, support services, and rapid deployment, which enhance the overall value of its products. It is among the first to get the latest chips from Nvidia. These are key reasons why thousands of customers across multiple industries want to do business with Dell.

With AI expected to increase the value of the global economy by trillions of dollars over the long term, Dell sees tremendous growth opportunities. Analysts expect Dell's adjusted earnings per share to grow at an annualized rate of 15% over the next five years. This should translate to an equivalent return for Dell investors, considering that the stock is trading at a reasonable forward price-to-earnings multiple of 14.

John Ballard has positions in Iren and Nvidia. The Motley Fool has positions in and recommends Microsoft and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.