7 Mega-Cap Stocks That Can Turn $10,000 Into $1 Million (2024)

By definition, mega-cap stocks are those which possess a market capitalization above $200 billion. So, investors seeking to turn $10,000 into $1 million through Mega cap companies will be choosing from the top 60 companies on this list.

In order to turn $10,000 into $1 million those same investors will be seeking 100X returns: Time will be necessary. This is not a get rich quick scheme. Instead, these Investments leverage recent trends within the stock market.

The emergence of the Magnificent 7 stocks has shown investors how rapidly growth can materialize, even through the very largest equities. And while Mega cap stocks have proven that they have excellent growth potential of late, they are strong Investments otherwise. Firms with the largest market capitalizations are well established. Thus, they generally tend to offer stability as well.

It is that winning combination of factors that makes these seven mega-cap stocks so interesting at present.

Nvidia (NVDA)

It would certainly be shocking to no one that Nvidia (NASDAQ:NVDA) stock is recommended among Mega cap stocks that can produce rapid gains for investors. Wall Street and Main Street have both witnessed its rapid growth over the past 15 months. The stock’s current trajectory suggests that the $1,000 threshold may soon arrive.

Yet, there is also the question of arithmetic and reality. Nvidia’s market cap is above $2 trillion dollars. It is the third most valuable company: Further growth will be difficult. While that’s true we are also in a transformational period with the potential to fundamentally alter society. artificial intelligence is here and Nvidia has cornered the market for the chips that drive its development. Thus, it may not be absurd to suggest – as others have – that Nvidia could be worth $5,000 or more by 2029.

If Nvidia continues to produce revenue growth and earnings as it has recently, it is likely to fundamentally change the principles of market capitalization. The stock market has never seen anything like artificial intelligence and that means that Nvidia will continue to redefine how much a stock can be worth. It’s one of those mega-cap stocks to consider.

Toyota (TM)

Toyota (NYSE:TM) is the best and most well-rounded automotive stock available to investors. no other automotive firm is as well positioned as Toyota. Tesla (NASDAQ:TSLA) is of course the most valuable automotive firm as measured by market capitalization.

The firm has inarguably done incredible things for the development of electric vehicles. Yet, it is facing difficulty as the EV market transitions between stages. The Big Three continue to flounder as they try to capitalize unsuccessfully on the EV rage. Meanwhile, they continue to produce subpar vehicles whether internal combustion or EV.

That brings me to my point and the reason I believe Toyota is best positioned: It Is underpinned by excellent internal combustion manufacturing and is best handling the EV transition. Toyota is taking the slow route and focusing on perfecting hybrid technology. The company doesn’t waste time jumping on the next hot trend if it doesn’t have the technological chops to do so.

That’s why Toyota has been much slower than the big three in regard to EV development. Instead, Toyota continues to steadily march toward commercialization of solid state battery technology. It has a legitimate chance to best commercialize such batteries. The combination of all the factors above is why I believe that Toyota will continue to grow and perhaps breakout rapidly in the coming years.

AMD (AMD)

It was roughly a month ago that the Wall Street Journal published an article detailing how AMD (NASDAQ:AMD) stock could quadruple. The reasoning for the strong prediction was that CEO Lisa Su Has predicted that data center chip spending could reach $400 billion by 2027. Analysts noted that even if data center chip spending only reached half that figure then AMD shares could quadruple in price.

The announcement from CEO Lisa Su was a continuation of a series of strong indicators for the company. Perhaps more importantly, AMD is posing an immediate threat to Nvidia in its AI chip domination. Silicon Valley tech firms are the leading buyers of Nvidia’s chips. Both Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) have noted that they will switch to AMD’s upcoming MI300 chips.This means it’s one of those mega-cap stocks with multibagger potential.

The competition between Nvidia and AMD is perhaps the most interesting AI battleground to watch. I’d argue that AMD has even greater growth potential right now than does Nvidia simply because of how fast Nvidia has grown.

ASML (ASML)

ASML (NASDAQ:ASML) is another firm that is integral to advanced chip making which is itself integral to the continued growth of artificial intelligence. The Netherlands company is the dominant player in the Extreme Ultraviolet Lithography (EUV) industry. That simple fact is the reason investors should believe that ASML stock will continue to grow. It is the leader in an industry that is expected to grow from $10 billion dollars this year to nearly $18 billion dollars by 2029.

The reason EUV lithography is important is that the technology is used to produce the most advanced chips. It allows a greater number of patterns to be etched on to wafers thus improving the applicability of such chips to AI, for example.

Again, ASML has essentially cornered the market. It does have other competitors including TSMC and Samsung. Those firms have long been rumored to begin production of competitive alternatives to ASML. Yet, the pandemic slowed their progress allowing ASML precious time to consolidate its lead.

Novo Nordisk (NVO)

Novo Nordisk (NYSE:NVO) has emerged as one of two leading names in the weight loss drug category. The FDA is now approving drugs with efficacy in weight loss which has propelled Novo Nordisk’s stock to prominence.

The company has exploded due to demand for Ozempic and Wegovy. Those drugs both use the same active ingredient and are indicated for treatment of diabetes and weight loss, respectively. Novemortis Nordisk expects the rapid growth it experienced in 2023 to continue in 2024. Sales are expected to rise by as much as 25% this year with operating profits expected to be slightly higher. Thus, investors should logically expect that NVO shares will continue to grow. It’s also one of those mega-cap stocks to buy.

However, that is not the only good news surrounding Novo Nordisk as it relates to weight loss drugs. The company recently announced that its experimental weight loss drug – amycretin – is more than twice as effective as Wegovy in reducing weight. Shares are surging on the news and it remains highly likely that they will continue to move upward this year as Phase II trials begin in the second half of 2024.

AstraZeneca (AZN)

AstraZeneca (NASDAQ:AZN) is an up and coming competitor to watch in relation to the growth of the weight loss drug industry. The company Is positioning its experimental drug as a cheaper alternative to leading drugs and one that also has fewer negative side effects. That is the primary reason to watch AZN stock and to believe that it will produce outsized returns moving forward.

AstraZeneca struck a deal with the Shanghai-based firm ecogene to exclusively produce an experimental weight loss and diabetes drug late last year. The two companies continue to sift through data related to 4 week trials on the active ingredient in the drug.

Whether AstraZeneca succeeds in commercializing the drug is obviously the most important factor in its success. However, AstraZeneca is also marketing the potential Blockbuster differently from its rivals. That will matter.

CEO Pascal Soriot Believes that the cost of weight loss drugs needs to decrease. It is clear that AstraZeneca will market its weight loss drug as a cheaper alternative to expensive options from Eli Lilly and Novo Nordisk. The company is also focused on negative side effects such as muscle wasting. Such drugs produce weight loss that reduces fat but also reduces muscle mass at the same time. Patients who discontinue the drugs tend to regain the weight they lost as fat mass alone.

Amazon (AMZN)

Amazon (NASDAQ:AMZN) is highly likely to continue growing rapidly due to its massive scale and strong recent growth. One of the biggest arguments against Amazon stock is simply that it is so large and its market cap so high that growth moving forward will be exceedingly difficult. I would counter that argument by simply saying that that is the same sort of bearishness that has followed the company for a long time.

Amazon had a very strong year in 2023 with $575 billion in revenues. E-commerce continues to grow and Amazon dominates that space. What’s also interesting about Amazon is that its advertising business continues to grow rapidly. Ad revenues reached $14.7 billion in Q4 representing 26% growth. It is anticipated that Amazon’s ad revenues will continue to grow rapidly as it’s streaming business continues to be strong.

While those factors are all positive, it is the company’s Cloud positioning and AI opportunities that remain its biggest asset. Amazon is only going to get the bigger from here and absent an anti-monopoly breakdown there’s little reason to believe that it won’t continue to produce outsized gains moving forward.It’s also one of those mega-cap stocks to buy.

On the date of publication, Alex Sirois did not have (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.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.