Artificial intelligence, or AI, has been a hot topic in the investment world for years now. It seems like everywhere you look, there are companies touting their AI capabilities and how they are going to revolutionize their industry. And while some of these claims may be overhyped, there is no denying that AI is a fast-growing market that has the potential to make investors very wealthy.

One company that has benefitted greatly from the AI boom is Nvidia. Nvidia’s data center business has seen tremendous growth thanks to the expansion of the AI market. This growth has created several billionaires over the past decade, but with a market valuation of $3.3 trillion, Nvidia may have a hard time creating additional millionaires in the next few years.

While Nvidia is still a solid investment, investors who are looking for millionaire-making gains may be better off looking at smaller companies with high growth potential. There are companies out there that have the potential to see their top lines increase by at least 20% annually for decades, which could lead to massive gains for patient investors.

One such company is Arm Holdings. Arm is a key player in the AI semiconductor market, with its chips being used in 99% of premium smartphones, as well as in linked autos, cloud-based devices, and IoT devices. While Arm doesn’t actually manufacture chips, it licenses its power-efficient designs to other chipmakers for royalties and fees. This business model has allowed Arm to maintain its position as a leader in the mobile chip industry and prevent traditional chipmakers like Intel and AMD from dominating the market.

Most of Arm’s revenue comes from the smartphone market, but the company is diversifying into other areas like automotive and cloud computing. Arm is also releasing more high-royalty AI-oriented designs to improve its gross margins. Analysts expect Arm’s sales to increase by 23% and its EPS to grow by 88% from fiscal 2024 to fiscal 2027. While Arm’s stock may seem expensive at roughly 100 times next year’s earnings, its dominant position in the mobile chip industry and its strong growth prospects make it a potentially lucrative investment over the long term.

Another AI-focused stock that investors may want to consider is SentinelOne. SentinelOne is a cybersecurity company that is using AI-powered tools to combat cyber threats. Unlike traditional cybersecurity solutions that rely on human analysts, SentinelOne’s Singularity XDR platform aims to replace analysts with more efficient and accurate AI tools. The company offers both on-premise and cloud-based services, giving it a competitive edge over other cybersecurity companies.

Since its IPO three years ago, SentinelOne’s growth has slowed, but analysts expect its revenue to increase by 27% from fiscal 2024 to fiscal 2027. As the company grows, its losses should decrease, and its stock remains properly valued at 8 times next year’s sales. SentinelOne may be an attractive acquisition target for a larger IT or cybersecurity company, and its strong growth prospects in the AI and cybersecurity markets make it a compelling long-term investment.

One more AI-focused stock that investors may want to consider is IonQ. IonQ is a quantum computing company that is aiming to revolutionize the way AI operations are conducted. Traditional computers use binary zeros and ones, but quantum computers, which use “qubits” instead of bits, have the potential to operate much faster. IonQ is using its patented “trapped ion” technology to miniaturize quantum processing units (QPUs), making large quantum computing systems easier and cheaper to manufacture.

While IonQ is not yet profitable, analysts expect its revenue to grow by 87% to $145 million in 2026 as it scales up and acquires more commercial customers. The company’s stock is currently trading at 28 times next year’s sales, but if the quantum computing sector continues to grow, IonQ may deliver significant gains for investors.

In conclusion, the AI market is a rapidly growing industry that has the potential to make investors very wealthy. While companies like Nvidia have seen tremendous growth in recent years, there are smaller companies with high growth potential that investors may want to consider. Arm Holdings, SentinelOne, and IonQ are all AI-focused stocks that have the potential to deliver significant returns over the long term. As with any investment, it’s important to do your own research and consider the risks before investing in any AI stock. But for investors seeking to capitalize on the AI boom, these three stocks could be worth a closer look.