Investing in the stock market can absolutely make you a millionaire, but to do so, you need to follow a few essential principles. Diversifying your portfolio across various high-quality companies and focusing on long-term investments are key. The odds of achieving financial success increase if you hold onto quality stocks for 10 years or more, rather than attempting short-term trades.

Although there's no guaranteed path to becoming a millionaire, sticking with sound investment strategies significantly improves your financial prospects. One excellent way to grow your portfolio is by investing in top-tier technology stocks that are expected to maintain their leadership for years to come. Two such companies—Amazon and Meta Platforms—are well-positioned for future growth. While investing in a single stock may not be enough to make you a millionaire unless you invest a large sum (which comes with risks), these two tech giants could certainly contribute significantly to your wealth-building journey.

Let's explore why Amazon and Meta Platforms are top picks for your portfolio.

1. Amazon: A Leader in E-commerce, Cloud, and AI Amazon (AMZN) is an exceptional tech stock due to its dominance in two fast-growing sectors: e-commerce and cloud computing. The company’s stronghold in these industries positions it as a long-term winner. Amazon is also on track to become a significant player in the artificial intelligence (AI) space.

Amazon’s Prime subscription service, known for offering low prices and fast delivery, continues to draw in customers, with a high retention rate. According to Statista, 99% of Prime members renewed their subscriptions in the first quarter of 2023. This high loyalty rate bodes well for future growth.

In cloud computing, Amazon Web Services (AWS) is the global market leader. AWS’s AI initiatives are driving even more growth, contributing to its recent revenue run rate of $105 billion. With offerings such as Amazon Bedrock and custom AI chips, AWS is set to remain a critical part of Amazon’s overall strategy.

Moreover, Amazon’s efforts to revamp its cost structure in recent years have made it more efficient, boosting profitability. Given its solid foundation and growth potential, Amazon is a must-have stock for those looking to grow their portfolio and work toward long-term financial success.

2. Meta Platforms: Social Media Giant with AI Ambitions Meta Platforms (META), the parent company of Facebook, Instagram, WhatsApp, and Messenger, is another tech leader with tremendous growth potential. Every day, over 3.2 billion users engage with at least one of Meta’s apps, securing the company’s dominant position in the social media space.

Meta has built a robust competitive advantage, or "moat," that makes it difficult for users to switch to other platforms. This helps to ensure that the company maintains its leadership position.

Meta is also focusing on enhancing its platforms with AI technology. The company recently launched its first AI assistant, supported by its large language model, and plans to introduce more AI-driven solutions. By improving its apps with AI, Meta is increasing user engagement, which could lead to higher advertising revenue. Advertisers want to reach users where they are most active—and for billions of people, that's on Meta’s platforms.

Advertising already generates billions of dollars in revenue for Meta, and the company is so confident in its financial position that it launched its first-ever dividend this year. Through Meta, investors can enjoy both dividends and long-term growth potential.