Nvidia has been one of the hottest stocks on the market in the past couple of years, as shares of the semiconductor giant have shot up remarkably thanks to the stunning demand for artificial intelligence (AI) chips deployed in data centers. However, a closer look at its returns in the past decade tells us that it may have made some investors millionaires during this period.

For instance, an investment of just $3,700 made in Nvidia stock a decade ago is now worth just over $1 million. So, investors smart enough to put that much money into Nvidia stock at that time and kept holding it all these years are probably millionaires now.

NVDA data by YCharts

The good part is that the company has now found a solid catalyst in the form of AI, and it may be able to sustain its impressive growth in the future as well.

However, Nvidia is now the world’s largest company, with a market cap of nearly $3.6 trillion at the time of this writing. So, expecting it to replicate the stunning returns that it has logged in the past decade in the future as well seems difficult now. That’s why investors looking for the next big growth stock that could contribute toward a million-dollar portfolio may want to look at other companies that are currently in their early phases of growth and are on track to take advantage of lucrative end-market opportunities.

Here’s a closer look at two such potential candidates.

AI software demand can send this growth stock soaring in the long run

Demand for AI software is expected to grow rapidly in the future. According to ABI Research, the AI software market could clock annual growth of 30% through 2030, generating an annual revenue of $391 billion at the end of the forecast period. Investing in C3.ai (AI 1.18%) can help investors make the most of this massive opportunity.

C3.ai provides enterprise AI software solutions to customers, and the good part is that its business has been gaining steam in recent quarters. The company’s revenue in the first quarter of fiscal 2025 (which ended on July 31) increased 21% year over year to $87 million. That was an improvement over the 11% revenue growth it clocked in the same period last year, indicating that it is winning more customers and getting more business.

As it turns out, C3.ai struck 71 agreements during the quarter, an impressive increase of 122% from the year-ago quarter. Meanwhile, the company also enhanced its potential revenue pipeline by entering into 52 new pilot projects, a jump of 117% from the prior year. It is worth noting that the majority of the business that C3.ai gets is through its partnerships with major cloud computing providers such as Alphabet‘s Google, Amazon, and Microsoft.

More specifically, 51 of its agreements last quarter came through its partners, an increase of 155% from the year-ago period. It closed 40 agreements alone through Google Cloud. C3.ai offers its suite of enterprise AI tools through its partners, enabling customers to build, deploy, and scale generative AI applications that can be used for improving business processes across multiple industries.

The success that C3.ai is finding through its partner model explains why the company is focused on strengthening this channel further. It recently announced an extension of its partnership with Microsoft, through which C3.ai’s entire suite of enterprise AI applications will be available on the Azure Marketplace. What’s more, both companies will work together on product development and marketing, which should help improve C3.ai’s reach in the enterprise AI software space.

C3.ai’s press release also says that the agreement “establishes C3 AI as a preferred AI application software provider on Microsoft Azure.” So, it wasn’t surprising to see investors reacting positively to this development, as it could help C3.ai clock faster growth going forward.

The company is expecting $382.5 million in revenue in fiscal 2025 at the midpoint of its guidance range, which would be a 23% increase over fiscal 2024. Analysts are expecting the company to sustain a healthy double-digit revenue growth rate for the next couple of years as well.

AI Revenue Estimates for Next Fiscal Year data by YCharts

However, the possibility of C3.ai clocking faster revenue growth cannot be ruled out, considering the pilot projects it is engaged in, its presence on major cloud computing platforms, and the fast-growing demand for AI software. That’s why investors can consider buying C3.ai stock and hold it for the long run, as it seems to have the potential to deliver healthy gains and even help them achieve their goal of building a million-dollar portfolio.

This company is outpacing bigger names in the digital advertising space

The digital advertising market is already quite large, generating an estimated $680 billion in revenue last year. By 2028, the size of this market is expected to exceed $965 billion, with more growth expected in subsequent years. Tech giants Alphabet, Meta Platforms, and Amazon are the dominant players in this huge industry, accounting for more than 60% of global digital ad revenue last year.

However, there’s one company that’s giving these bigwigs a run for their money. The Trade Desk (TTD -0.27%) provides a programmatic advertising platform that enables marketers and brands to automate their ad inventory purchases, optimize campaigns, and improve audience targeting in real time with the help of data.

The company’s revenue in the first nine months of 2024 has increased by 27% to $1.7 billion. Its earnings over the same period witnessed an identical jump to $1.07 per share. Meta Platforms, on the other hand, has witnessed a 22% increase in revenue in the first three quarters of 2024. Google’s advertising revenue, meanwhile, has increased by 11% in the first nine months of the year.

The Trade Desk, therefore, is taking share away from its bigger rivals in the digital ad market. That’s not surprising, as adoption of programmatic advertising within the digital ad space is growing rapidly. Market research firm TechNavio estimates that the programmatic ad market could generate incremental revenue of $725 billion between 2024 and 2028, at an annual growth rate of over 38%.

So, The Trade Desk is at the beginning of a solid growth curve that could help it sustain healthy growth levels for a long time to come. The company’s top line is expected to jump over 26% in 2024 to $2.46 billion, followed by robust growth over the next couple of years as well.

TTD Revenue Estimates for Next Fiscal Year data by YCharts

The stock has delivered outstanding gains since going public just over eight years ago, turning a $100 investment into more than $4,100 over this period.

We have already seen how big the digital ad market is and the potential revenue opportunity available in programmatic advertising. As a result, The Trade Desk’s strong growth is likely to continue beyond the next two years, and it could repeat its multibagger performance in the long run as well. This is why it looks like an ideal fit for a million-dollar portfolio.