Key Points
- With the growth of self-driving cars and cloud gaming, Nvidia stock could significantly rise in value.
- Etsy stock will likely reach record heights with its expansion to the clothing resale business and other verticals.
- With its efforts to revolutionize skin cancer detection, buying DermTech now could generate massive income in the future for investors.
Buying a stock might seem like an easy task. But with a plethora of stocks available on platforms like NYSE and Nasdaq, finding the right one that will ensure good returns is incredibly hard. So which are the best stocks to buy now to make you rich? Experts say $10,000 invested in these growth stocks could make you a fortune over the next 10 years. So let us see why these three stocks are well-positioned for tremendous growth.
Since the coronavirus bear market, several stocks have successfully rebounded, positioning themselves as the top stocks that will rise in value. As a result, the stock market is all set to reopen after the recent fluctuation, and these growth stocks are poised to rise higher this year.
$10,000 Invested in These Growth Stocks Could Make You a Fortune Over the Next 10 Years
1. Nvidia (NVDA)
Self-driving car technology is on the rise, which is why buying Nvidia now is an intelligent decision.
A $10,000 invested in Nvidia a decade ago would be half a million dollars today. The company powers the future of self-driving cars and cloud gaming. The stock price has delivered nearly 5000% returns over the past decades and expects to rise higher in the future. This is why experts suggest buying Nvidia now so that you could make a fortune over the next 10 years.
The company is firing on all verticals of the market. It has its hands in gaming, cloud area centers, cryptocurrency, machine learning, artificial intelligence, professional visualization, electric vehicles (EVs), autonomous driving, 5G, and many more.
NVDA stock rallied on strong earnings and has a more robust outlook for the future. This fabless chip maker has also pioneered graphic processing units or GPUs with a mission to make video games more realistic. In addition, it is now expanding its branches in AI chips which can be used in supercomputers, data centers, drug development, and driverless cars. For example, the company will be supplying the chip that acts as the ‘brain’ for the NIO ET7. This will also be Nio’s first autonomous driving model once it is released in Q1 2022. Additionally, Nvidia is already the supplier of chips for data centers of Amazon Web Services. This is why buying NVDA stock now will generate huge returns in the future.
In the long term, Nvidia has several advantages. One reason is the massive popularity of gaming. With frequent upgrades, the demand for the company's latest graphic processing unit is also rising to new heights. Yet another fuel that boosts the stock’s price is the increased use of artificial intelligence in applications. All these will further boost the growth of Nvidia, making it a must-buy stock for the long run.
2. Etsy (ETSY)
The tremendous growth of e-commerce platforms has boosted the growth of Etsy this year.
Thanks to the increasing popularity of e-commerce business, $10,000 invested in this growth stock could make you a fortune over the next 10 years. Etsy is a popular online marketplace that connects buyers and sellers of unique products. It went public in 2015, and since then, the stock has surged more than 500%.
Buying Etsy now could be a worthy future investment as the company has just begun to tap its potential. Like several other stocks, Etsy was also initially challenged by COVID-19. But it acted as a catalyst for growth while traditional retailers struggled.
According to data by disfold.com, Etsy is now positioned as the fourth-most-visited e-commerce site in the US. The company is currently building a unique brand power, which is accurately reflected in its triple-digit percentage level of gross merchandise sales (GMS) over the last year.
Etsy’s unique and creative marketplace is what makes it stand apart from other e-commerce businesses. The pandemic has turned the world online, and Etsy has established itself as the go-to platform for buying unique hand-crafted products for art lovers.
Buying Etsy now will generate massive returns in the future as it continues to enhance its product experience for customers. With a customer-centric approach like strategic discounts and improving its search capabilities, the company will drive higher sales. Also, the team has made few significant acquisitions that gave it a presence in Latin America and the fashion resale market.
Etsy has an entirely different growth strategy called the ‘Right to Win’. This unique initiative has three core pillars - search and discovery, human connections, and a trusted brand. The company has shown that its growth can be boosted organically. Its multiple acquisitions will also meaningfully impact the balance sheet. Henceforth, the e-commerce firm will continue to deliver significant growth with a long-term focus, which is why Etsy is one of the top stocks that will rise in value over the long run.
Additionally, the total value of goods sold through its online website rose by over 132% to $3.1 billion. It has acquired almost 40 million new customers since the start of the pandemic, and thus buying Etsy now could make you a fortune over the next ten years.
3. DermTech (DMTK)
With a sizable market opportunity, DermTech stock could likely rise in value in the future.
DermTech is a genomics company that has specialized in skin cancer. Though a small stock compared to the other two, it has seen tremendous growth this year. In addition, it is one of the several companies that have gone public via a merger with a special purpose acquisition company (SPAC).
Although the stock has a market cap below $1 billion, a $10,000 invested in DMTK stock could make you a fortune over the next 10 years. One reason for its tremendous growth is its attempt to revolutionize the detection of skin cancer. The current medical approach needs visual inspection and surgical biopsy. Instead, DermTech uses non-invasive genetic testing. The process is done by applying an adhesive patch to the skin and sending it to a lab for analysis. Thus, it eliminates the need for cutting.
It is best to buy DermTech now as its genomic approach is 17 times less likely to miss a diagnosis of melanoma than the current biopsy approach. Also, the new diagnostic tool is easier, cheaper, and highly efficient than the current standard of care. This offers the company an added advantage in the medical market and has more space for growth in the future.
The total annual market opportunity for the stock is around $10 billion. The company already has two products on the market for melanoma. It also has plans to develop new products that will allow it to target other types of skin cancer. Buying DermTech now could make you a fortune over the long run as it has almost $1.5 billion in annual sales from Medicare payments alone. Therefore, it will see a significant rise in the coming years, and the future looks bright for this growth stock.
The Bottomline
If you are searching for a stock that will help you secure a wealthy future, then a $10,000 invested in these growth stocks could make you a fortune over the next 10 years. That said, always remember that the stock market is highly volatile and unpredictable. So before buying any stock, detailed research is always necessary. However, if you invest safely, these stocks can generate massive returns in the future.
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