Buying and holding solid technology stocks for a long time is a tried and tested way of making money in the stock market. This strategy allows investors to both capitalize on the disruptive innovation in this sector and benefit from the power of compounding.

For instance, a $1,000 investment made in the Nasdaq-100 Technology Sector index a decade ago is now worth more than $5,000. Of course, the index has had its ups and downs during these 10 years, but investors who were savvy enough to put their money into potential long-term winners have seen their investments grow significantly.

A $5,000 investment in Nvidia a decade ago is now worth almost $1.35 million, suggesting that tech stocks have the ability to make investors millionaires in the long run. Of course, not every tech stock is Nvidia, and investors shouldn't be under the impression that putting their money into a single company could help them become millionaires.

However, buying solid tech stocks as part of a diversified portfolio could help you eventually construct a million-dollar portfolio in the long run. Tech stocks Super Micro Computer (SMCI 7.12%) and SoundHound AI (SOUN 0.25%) are both sitting on massive growth opportunities that could send their shares flying and may even help investors become millionaires.

1. Super Micro Computer

Super Micro Computer, also known as Supermicro, has been one of the top stocks on the market in the past year. An investment of $1,000 in this stock a year ago is now worth $4,000, and it remains a solid buy thanks to its attractive valuation.

Supermicro's price-to-sales ratio of 4.4 and forward earnings multiple of 23 make buying the stock a no-brainer, especially considering its outstanding growth. The company, which makes servers, is on track to finish the current fiscal year with $14.9 billion in revenue, which would be more than double the revenue it generated in the previous fiscal year.

More importantly, Supermicro is taking steps to ensure that it can remain a fast-growing company for a long time to come. Supermicro recently announced that it is adding three new manufacturing facilities to enhance the production of liquid-cooled server racks. More specifically, the company is looking to more than double the total output of its liquid-cooled server racks from the current capacity of 1,000 per month so that it can cater to the booming artificial intelligence (AI)-related demand.

This is a smart move. The demand for liquid-cooled data centers is expected to grow at an annual pace of over 24% through the next decade, generating almost $40 billion in revenue in 2033. Meanwhile, sales of AI servers are expected to jump from an estimated $30 billion last year to $150 billion in 2027. Supermicro is benefiting big time from the growing adoption of AI servers and is one of the key players in this space.

The company has a tremendous growth opportunity ahead that could allow it to maintain its healthy levels of growth for a long time to come. Not surprisingly, analysts are expecting Supermicro's earnings to increase at an annual rate of more than 62% for the next five years. The market could reward such impressive growth with more upside, and Supermicro could turn out to be a top buy for anyone looking to construct a million-dollar portfolio.

2. SoundHound AI

SoundHound AI is another company that's trying to make the most of a disruptive trend in the form of voice AI solutions. Customers can use SoundHound's voice AI platform to design custom wake words, convert text to speech, and build conversational voice assistants, among other solutions.

SoundHound's voice AI platform is witnessing terrific demand already. Its revenue in the first quarter of 2024 was up 73% year over year to $11.6 million. More importantly, the company's full-year revenue guidance of $71 million points toward an acceleration in growth as the year progresses, and it would translate to a 55% jump from last year.

SoundHound is delivering such outstanding growth because it has been able to build a solid customer base across major industries such as restaurants and automotive. In its May quarterly earnings press release, SoundHound said that it has struck deals with multiple quick service restaurants (QSRs) to deploy its voice AI solutions.

Meanwhile, automotive companies such as Stellantis have partnered with SoundHound to deploy generative AI assistants in cars. More importantly, SoundHound says that its solutions are set to be adopted by electric car manufacturers in Asia and the U.S. as well.

The company's cumulative subscriptions and bookings backlog increased 80% year over year in the previous quarter to a healthy $682 million. This metric is a combination of SoundHound's committed customer contracts and the potential revenue that it could get from existing customers where it is a key provider of voice AI solutions. This healthy backlog is the reason analysts are forecasting SoundHound's revenue to increase another 47% in 2025 to $103.6 million.

However, the size of the company's backlog suggests that it could keep growing at an elevated pace for a longer period. Moreover, the conversational AI market that SoundHound serves is forecasted to clock an annual growth rate of almost 25% through the end of the decade, generating nearly $50 billion in revenue in 2030.

SoundHound's growth so far indicates that it is outpacing the market. Investors looking to buy an AI stock that could supercharge their portfolios in the long run would do well to take a closer look at SoundHound AI. It has the potential to become a key member of a million-dollar portfolio.