If you’re looking to turn a $10,000 investment into $1 million during the next 10 years, your chances are quite low. In fact, only two U.S. stocks in the Russell 1000 would have helped you achieve that trick: chipmaker Nvidia and energy drink maker Celsius Holdings.

That said, it doesn’t hurt to try to find the next big winners. Let’s look at three technology stocks that have the potential for huge returns over the next decade.

SoundHound AI

SoundHound AI (NASDAQ: SOUN) is a leader in voice technology, where it uses artificial intelligence (AI) to process speech in real time and help devices understand a speaker’s intent in order to create a better experience with users. Early on, the company found a niche in the automobile market to help companies improve the voice assistants they started to integrate into their vehicles. It later took its technology to the restaurant industry, where it quickly gained momentum with both restaurant operators and restaurant-focused fintech companies such as Toast.

However, expanding beyond these areas is the biggest opportunity for the company. With that in mind, SoundHound acquired conversational and generative AI platform Amelia, giving it more specialized capabilities and access to other industries, such as healthcare, insurance, retail, and finance. These industries all have their own jargon and very specific types of interactions.

QKS Group, an advisory company that helps organizations select and adopt technology, thinks that SoundHound bought Amelia to fill in some technology gaps that will help it create a commercial voice ecosystem that will be able to handle very sophisticated and industry-specific interactions. If SoundHound can achieve this, then it will have a very long runway of growth in front of it.

And that’s a big component of becoming a millionaire-maker stock.

Pinterest

While considerably larger than SoundHound AI, Pinterest (NYSE: PINS) is not exactly a behemoth — its market cap is only about $22 billion. However, the company does have a huge opportunity in front of it.

Pinterest, which is known for its namesake online bulletin boards, has done a great job attracting users from around the globe to its platform. At the end of last quarter, it had more than 520 million monthly active users, the majority of whom are women.

The big opportunity for the company is to better monetize its large user base, or in simpler terms, make more money from the users on its platform. Meta Platforms has been the best company in the social media market at monetizing its user base, which is why it now has a $1.4 trillion market cap.

Like Meta Platforms, Pinterest generates most of its revenue from advertising. However, it hasn’t done nearly as good of a job monetizing these users with advertising as Meta, which can be seen in the wide gap between the two companies’ average revenue per user (ARPU). In Q2, Pinterest’s ARPU was $1.64, while Meta’s was $11.89 during the same period. Helping close that gap could go along way to propelling Pinterest’s stock.

While Pinterest doesn’t get the daily activity of many other social media platforms, one advantage it has is that the users on its platform are generally looking for ideas related to certain styles or activities, which gives advertisers an audience that is actively looking to buy something. Like Alphabet with Google, it gets a lot of performance-based ad revenue, which is when ads directly lead to clicks or purchases.

The company has heavily invested in innovation to improve both the user and advertiser experiences, with things such as in-app checkout and recommendations of similar buyable items. With deals with Amazon to further make its site shoppable and with Google to better monetize international users, the company has a lot of growth potential in front of it.

Image source: Getty Images.

UiPath

UiPath (NYSE: PATH) has had a difficult year. Its stock has plummeted in the wake of reduced forecasts and its chief executive officer’s resignation. However, with the return of founder Daniel Dines, the company is looking to forge a new growth path that will combine its traditional robotic process automation (RPA) with agentic AI, or systems that perform tasks with no human intervention. Nvidia has called agentic AI the next frontier of AI, as it will help solve complex problems and complete tasks automatically.

For its part, UiPath believes that to fully automate processes, AI agents need to work with proven robotic automation tools to keep them grounded and reduce AI “hallucinations,” which is when AI models produce false results that don’t match reality. AI models currently hallucinate around 3% to 5% of the time and research has said that AI tools must be paired with fact-checking systems to help reduce these hallucinations, so UiPath’s solution does seem to make sense.

In addition to being able to combine RPA with agentic AI, UiPath thinks it can be successful in this realm as a neutral party among business apps that can connect to the most appropriate large language models (LLMs). It also believes its strength in automating tasks will help AI agents execute instructions.

The company recently introduced a number of new innovations at its Forward conference this month. If UiPath can execute on its RPA with agentic AI vision, it will have a lot of growth in front it.

Should you invest $1,000 in SoundHound AI right now?

Before you buy stock in SoundHound AI, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SoundHound AI wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $861,121!*