Consider These 2 Millionaire-Maker Stocks to Buy Instead

Tesla (NASDAQ: TSLA) has been one of the best-performing stocks on the market over the last decade as it proved that electric vehicles (EVs) can be a viable business, and even a highly profitable one. However, recently, Tesla stock has been looking surprisingly mortal. The stock trades down by roughly half from its peak in 2021, and its fourth-quarter earnings report shows why the stock has faded.

Tesla’s revenue growth continues to slow and profits are falling, and that pattern continued in Q4. Automotive revenue rose 1% year over year to $21.6 billion, and overall revenue was up just 3% to $25.2 billion. These metrics reflect the impact of lower prices as the company looks to stay competitive, gain market share, and overcome headwinds from higher interest rates.

As a result of lower prices, operating income fell 47% year over year to $2.06 billion, and adjusted earnings per share fell 40% to $0.71. Tesla missed estimates on the top and bottom lines, and it also forecast slower production growth in 2024.

Seemingly, Tesla is less of a millionaire-maker stock than it was two years ago. What’s an ambitious investor to do with this news? If you’re looking for growth stocks that can help make you a millionaire, keep reading.

Nvidia has powerful tailwinds pushing it higher

Tesla and every other artificial intelligence (AI) stock can’t make their technology without the help of one company, and that’s Nvidia (NASDAQ: NVDA).

Nvidia stock soared over the last year as its chips are in extraordinarily high demand from companies like OpenAI, Oracle, Meta Platforms, and Tesla, among others. Nvidia, which invented the graphics processing unit (GPU), has a significant head start over its rivals. AI systems like OpenAi’s ChatGPT and autonomous vehicle systems like Tesla’s full self-driving rely on massive training models that use the kind of chips and accelerators Nvidia makes.

That strong demand should help power Nvidia stock higher this year as it’s coming off a…