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Investing in Canadian tech stocks can be a great way to grow your hard-earned savings over the long term, especially if you can identify companies that are driving innovation. But finding the next big tech winner may not be easy, as many promising startups often fail to live up to their hype or face stiff competition from larger rivals. do not have. Therefore, long-term investors should look for tech stocks that can capitalize on new trends in the technology industry and grow significantly.
In this article, we’ll focus on two top tech stocks that could make you a millionaire if you buy and hold them for the long term. While no one can guarantee which stocks will perform well in the future, I believe these two Canadian tech stocks have fundamentals that stand out from the crowd and are worth considering in 2024. Masu.
Fintech stocks with solid fundamentals
Nubei (TSX:NVEI) is the first tech stock you can buy in 2024 and hold for the long term for a great long-term return on investment. The Montreal-based technology company’s stock is currently trading at $33.03 per share, giving it a market capitalization of $4.6 billion. The company focuses on providing electronic payments-related technology to merchants of all sizes around the world, with Europe, the Middle East, and North America being some of its largest geographic markets. NVEI stock ended the final quarter of 2023 on a strong note, rising 71% after suffering a 65% drop in value over the past two quarters.
Nuvei’s diversified revenue streams, rapidly growing customer base, and strategic acquisitions have resulted in rapid financial growth in recent years. His total revenue for the first three quarters of 2023 rose 39.4% year-on-year to US$868.4 million, exceeding the expectations of street analysts. Although adjusted profits for these three quarters were on a downward trend compared to the previous year, total transaction volume soared, mainly due to increased contribution from e-commerce, which encouraged investors.
Notably, despite the recent rally, NVEI stock has lost about 26% in value over the last year, and the stock still appears to be undervalued. We also expect financial growth to accelerate further in the coming years due to an improving macroeconomic environment due to expectations of lower interest rates.
Top AI-focused cybersecurity and mobility technology stocks
blackberries (TSX:BB) could be another attractive tech stock to consider now, especially from a long-term perspective. The Waterloo-headquartered software company now has a market capitalization of $2.3 billion, as its TSX-listed shares trade at $4 a share after falling nearly 29% last year.
In addition to enterprise cybersecurity solutions powered by artificial intelligence, BlackBerry has focused in recent years on developing innovative technology solutions for the future of mobility. The company’s machine learning-based vehicle data platform IVY could be a good example of the growth of his BlackBerry efforts in this direction. Experts predict that demand for such innovative technology solutions will grow rapidly, leading to a significant improvement in BlackBerry’s financial position over the next decade, which could also lead to a sharp rise in the company’s stock price. I’m not surprised either.
