3 Top Tech Stocks That Could Make You a Millionaire

Technology stocks can be a wild ride for investors. Last month, the Nasdaq Composite (NASDAQINDEX: ^IXIC) plummeted after the announcement of sweeping import tariffs and entered a bear market. It has rebounded since, but it's still down 7% on the year.

For those who don't mind volatility, tech companies can also deliver incredible returns. And the recent market downturn makes this an opportune time to scoop up shares at a discount. Here are three tech stocks that could be winners for your portfolio.

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Image source: The Trade Desk.

1. The Trade Desk

The Trade Desk (NASDAQ: TTD) operates a demand-side platform for digital ad buyers. Brands and agencies partner with The Trade Desk to run digital marketing campaigns. The company's cloud-based platform supports all the major channels, including display ads, video, social media, and audio.

After exceeding earnings expectations for eight years, The Trade Desk missed analyst estimates for 2024. Its share price dropped by more than 50%, and it fell even further after the Trump administration's announcement of import tariffs on April 2.

It was a challenging period for investors, but first-quarter results helped alleviate concerns. Revenue grew to $616 million, a 25% year-over-year increase. Customer retention topped 95%, as it has been for 11 consecutive years.

The Trade Desk has built a powerful data-driven platform that now includes artificial intelligence (AI) tools to help clients get the most out of their campaigns. It has a loyal client base, and it's in a growing industry, as global ad spending surpassed $1 trillion last year. With the recent drop in this company's share price, this is a chance to invest in a high-growth stock at a discount.

2. ASML

ASML (NASDAQ: ASML) is a Dutch AI company in a rare and privileged position: It's the only supplier of extreme ultraviolet (EUV) lithography systems. These are the highly advanced and expensive systems companies need to manufacture the fastest and most powerful semiconductors.

ASML's latest EUV equipment costs about $380 million apiece and weighs about two tons. Earlier systems cost about $180 million. Currently, ASML is only limited by its ability to produce this complex equipment -- at the end of 2024, it had an order backlog of 36 billion euros. Sales that year totaled 28.3 billion euros.

That was only a 2.6% year-over-year increase, one of the reasons why ASML's stock has pulled back recently. China also presents a potential threat, as it's aiming to develop its own EUV lithography equipment.

But I wouldn't expect competitors to emerge in the near future. It's extremely challenging to produce EUV lithography systems, and even if another company achieves that, it would also need to match the quality of what ASML offers. ASML will likely have this market cornered for at least several more years. With semiconductor sales expected to hit $1 trillion by 2030, the sky is the limit for ASML.

3. MercadoLibre

MercadoLibre (NASDAQ: MELI) is the largest e-commerce marketplace in Latin America, with operations in 18 countries. It also has a digital payments processing platform, Mercado Pago, and an order fulfillment service, Mercado Envios. Just like Amazon sellers can ship their stock to a warehouse and have Amazon handle order fulfillment, sellers can use Mercado Envios to do the same.

One of the reasons I'm bullish on MercadoLibre is because I have firsthand experience with it, having lived in Colombia for several years. I regularly shopped online at MercadoLibre, made payments with Mercado Pago, and even sold some products using Mercado Envios.

It offers a smooth user experience and a massive product selection. It reminds me of Amazon in that you can buy seemingly anything there. And while Amazon may be dominant in e-commerce overall, MercadoLibre is firmly ahead in Latin America, with No. 1 market share in all the main markets.

Unlike the first two stocks on this list, MercadoLibre hasn't dipped recently. In fact, it's near an all-time high. Although MercadoLibre isn't cheap right now, it also regularly beats expectations, and annual revenue has grown by 423% over the last five years to $20.8 billion.

MELI Revenue (Annual) data by YCharts

Also worth mentioning is that the e-commerce industry isn't as developed in Latin America as it is in the U.S. Grand View Research projects the Latin American e-commerce market to grow by 16.7% annually the rest of the decade and exceed $1 trillion in 2030. MercadoLibre is the company best equipped to benefit from that growth.

While those are three very different companies, they all offer high-quality products and services, and each one has a strong customer base. I expect all three to outperform the market over the next five years. A large-enough investment in one of them, or divided among all three, could be a millionaire maker for your portfolio.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Lyle Daly has positions in ASML and The Trade Desk. The Motley Fool has positions in and recommends ASML, Amazon, MercadoLibre, and The Trade Desk. The Motley Fool has a disclosure policy.