Want to Be a Millionaire? 7 Stocks to Buy Now for Skyrocketing Returns

Stocks to buy

If you want to become a millionaire, invest wisely. One way to potentially do that is by investing in solid stocks, especially those with a solid history of growth. Or, with inflation cooling and consumer spending improving, several sectors are booming, creating even more opportunities to find hot stocks to buy. In fact, here are seven stocks to buy for skyrocketing returns.

Stocks to Buy: SoFi Technologies (SOFI)

Silhouette of person holding mobile phone with SoFi (SOFI) logo shown in background

Source: shutterstock.com/rafapress

Fintech firm SoFi Technologies (NASDAQ:SOFI) entered the market with an aim to disrupt the traditional financial industry. It offers a one-stop solution to users and manages to create a solid runway to success. The company’s second-quarter results were solid and it proved that the business model is a success.

It reported a revenue of $498 million, up 37% year over year and a 44% year-over-year growth in members on the platform. It has 6.2 million members currently. With a market capitalization of $7.7 billion, SOFI stock at $8.12 looks highly undervalued to me. This stock has the potential to double in the coming months. 

It is valued lower than several of its competitors and the app’s popularity is proof that the company has given a spin to traditional banking. For SoFi, there is a long way to go, and holding this stock means taking home big gains.

Advanced Micro Devices (AMD)

In this photo illustration, the AMD logo is shown on a smartphone screen.

Source: Pamela Marciano / Shutterstock.com

While everyone is focusing on the tech giant Nvidia (NASDAQ: NVDA), consider its biggest rival Advanced Micro Devices  (NASDAQ:AMD). The company is a strong competitor and has invested heavily in artificial intelligence (AI).

With AI likely to dominate the future, AMD will also play a major role in its success. Helping, it recently acquired an AI startup, Mipsology which develops AI software using AMD’s resources. Microsoft (NASDAQ:MSFT) has also partnered with AMD for expansion into AI.

In addition, the company unveiled the MI300X, its most advanced GPU for AI and it will start shipping later this year. It can give strong competition to Nvidia chips and it is the biggest opportunity for AMD to expand its market share. The company has solid leadership, strong financials, and a massive market to cater to. AMD stock has dropped 9% in the month and is exchanging hands at $101 today. This dip is a solid chance to buy. 

Stocks to Buy: Li Auto (LI)

Li Auto (Li Xiang) brand logo and electric car in store. A Chinese EV(electric vehicle) company

Source: Robert Way / Shutterstock.com

One of the top Electric Vehicle stocks to own right now is Li Auto (NASDAQ:LI). The company has been smashing it with monthly deliveries and aims to deliver over 40,000 EVs monthly later this year. It reported impressive revenue growth and plans to triple the model lineup by 2025. It launched the Li L9 Pro Variant recently which has the Li AD Pro self-driving system. 

In addition, Li Auto has been steadily growing even during periods of high inflation and supply chain issues. It is firing on all cylinders and has been expanding its market share. In July, the company saw a whopping 227% year-over-year rise in deliveries. It has ambitious goals and is dedicated to them. 

The steady rise in the monthly deliveries is proof that there is growing demand for Li cars and as compared to all the other EV makers today, Li is at the top. Trading at $38, the stock is highly undervalued. It is up 85% year to date and could double your money. 

Stocks to buy: Ulta Beauty (ULTA)

ULTA stock Ulta Beauty store front sign located at Laurel Town Centre in Laurel, Maryland.

Source: Ryan P Stephans / Shutterstock.com

There are several reasons to like Ulta Beauty (NASDAQ:ULTA). The company is in a growth stage and its financials are impressive. It saw a 8% rise in comparable-store sales after price cuts. With consumer spending low, the company has still managed to maintain profitability in the quarter. It reported sales of $2.5 billion as compared to $2.3 billion year over year.  

It expects to hit a 15% profit margin this year. While this is down compared to the past two years when it comes to beauty products, the preferences might change but they will never run out of demand. ULTA stock is one of the top stocks to buy in the dip. 

The company has been winning market share in the beauty industry and is profitable. It is on a growth spree and could make big gains in the next two years, as the economy improves. Currently trading at $422 and down almost 19% in the past six months, the stock is trading at a discount. Investors have stepped away from the stock due to weak growth expectations in the industry but the dip is a good chance to make your move. 

First Solar (FSLR)

First Solar logo on smartphone in front of computer screen with graphs. FSLR stock

Source: IgorGolovniov / Shutterstock.com

Renewable energy is gaining traction and First Solar (NASDAQ:FSLR) is here to make the most of it. I’m highly optimistic about the future of the company. It has reported solid growth in the recent quarter and saw a 30% rise in net sales year over year to hit $811 million.

The company has a cash balance of $1.5 billion which gives it enough liquidity and flexibility to continue with the expansion plans. It already has a backlog of 77.8GW to see it through 2030 and this is no small feat. 

If you want to buy only one energy stock, I’d recommend First Solar. Its fifth manufacturing facility in America will begin operations by 2026 and when it comes to the future of renewable energy, we are just scratching the surface. Trading at $174, the stock is down 12% in the past month and this dip is a good chance to buy. Overall, it is up 19% year to date and has immense potential to soar higher.

Oracle (ORCL)

A photo of an Oracle (ORCL stock) sign outside a building.

Source: Jer123 / Shutterstock.com

With the AI race accelerating, Oracle (NYSE:ORCL) could see further upside. For one, the company’s cloud business is booming and it is using AI to achieve growth. Two, in its most recent quarter, the company reported earnings per share of $1.19 and revenue of $13.8 billion which is up 17%. Its cloud revenue was an impressive $4.4 billion, up 54% year over year.

The company also saw an all-time high in revenue in FY23 and it is only moving upwards from here. ORCL stock at $112 looks like a steal here. It is up 34% year to date but is still lower than the 52-week high of $127. The company has a solid history and several years of industry experience, making it one of the top stocks to buy right now.

Airbnb (ABNB)

A close-up shot of the Airbnb (ABNB) app on a smartphone screen.

Source: AngieYeoh / Shutterstock.com

The home rental platform Airbnb (NASDAQ:ABNB) has seen the stock dropping which means it is a sign to buy. The company had a very strong second quarter and its numbers were proof of how well the business is growing post-pandemic. The revenue hit $2.5 billion, up 18% year over year and its net income hit a record $650 million.

Global reopening has been a boon for Airbnb and it is making the most of revenge travel. The company offers something that no other hotel brands do. It has also seen a growing hosting supply with active listings at 7 million in the second quarter. With more hosts, there will be higher revenue flowing in. Trading at $124 today, the stock looks cheap.

On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis.

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