The Invesco QQQ Trust (QQQ -1.91%) is the fifth-most popular exchange-traded fund (ETF) worldwide as measured by assets under management. Several prominent billionaires added to their positions in the first quarter, as detailed below:

• Ken Griffin of Citadel Advisors added 2.2 million shares. The Invesco QQQ Trust now ranks as the third-largest position in the hedge fund, excluding options.
• Israel Englander of Millennium Management added 474,300 shares. The ETF now ranks among the 25 largest positions in the hedge fund, excluding options.
• Steven Cohen of Point72 Asset Management added 7,950 shares. The ETF remains a relatively small position in the hedge fund.

Citadel, Millennium, and Point72 are three of the most profitable hedge funds in history as measured by net gains. That makes all three money managers good sources of inspiration, and individual investors should consider following their lead with this ETF. The Invesco QQQ Trust could turn $500 per month into $432,300 in 20 years.

The Invesco QQQ Trust is heavily invested in technology companies likely to benefit from artificial intelligence

The Invesco QQQ Trust measures the performance of the Nasdaq-100, an index that tracks the 100 largest nonfinancial companies listed on the Nasdaq Stock Exchange. The ETF has more than 60% of its assets invested in technology stocks, many of which are likely to benefit as the artificial intelligence (AI) revolution continues to unfold.

The 10 largest holdings in the Invesco QQQ Trust are listed by weight below:

1. Nvidia: 9.8%
2. Microsoft: 8.7%
3. Apple: 7.2%
4. Amazon: 5.6%
5. Broadcom: 5.3%
6. Alphabet: 5%
7. Meta Platforms: 3.5%
8. Netflix: 2.8%
9. Tesla 2.6%
10. Costco Wholesale: 2.3%

AI spending across hardware, software, and services is forecast to grow at 35.9% annually through 2030, according to Grand View Research. Several companies listed above should benefit.

Amazon, Microsoft, and Alphabet are the three largest public cloud providers, meaning demand for AI infrastructure should be a tailwind. And Nvidia is the undisputed leader in data center GPUs, the most popular type of AI accelerator.

Apple has introduced generative AI capabilities for iPhones. Meta Platforms is leaning on AI to increase user engagement across its social media platforms and improve outcomes for advertisers.

Netflix recently started using generative AI to create content for movies and shows. Broadcom is the market leader in AI networking chips and custom AI accelerators, and Tesla recently launched an autonomous ride-hailing service.

History says the Invesco QQQ Trust can turn $500 invested monthly into $432,300 in 20 years

Excluding dividends, the Invesco QQQ Trust advanced 1,340% during the last two decades, which is equivalent to 14% annually. Including dividends, the index fund achieved a total return of 1,560%, compounding at 15% annually. I will assume a more modest return of 12% annually to introduce a margin of safety.

At that pace, $500 invested monthly in the fund would be worth $105,200 in one decade and $432,300 in two decades. Some investors may prefer to save more or less each month, so the chart below shows how different contribution amounts would grow over time, assuming annual returns of 12%.

Returns were determined using the investor.gov compound interest calculator.

Investors need two more pieces of information. First, the Invesco QQQ Trust has been very volatile in the past due to its heavy exposure to technology stocks. The index fund fell more than 12% from its record high seven times in the last decade. Similar volatility is likely in the future.

Second, the ETF has an expense ratio of 0.2%, meaning shareholders will pay $20 per year on every $10,000 invested. Comparatively, the average expense ratio on U.S. index funds and mutual funds was 0.34% in 2024.

Trevor Jennewine has positions in Amazon, Nvidia, and Tesla. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Costco Wholesale, Meta Platforms, Microsoft, Netflix, Nvidia, and Tesla. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

Nvidia (NVDA 4.26%) stock has lost some of its momentum this year after gaining 1,400% over the past five years. It’s lost some investor confidence for a number of reasons, including fears that new artificial intelligence (AI) models won’t need its powerful chips and regulations that limit what the company can ship to China.

But many investors still see its incredible long-term opportunities, and 90% of the 67 Wall Street analysts that cover it still call it a buy. Let’s see where Nvidia is holding, where it’s going, and whether or not investing in Nvidia stock today can make you a millionaire.

The linchpin for AI platforms

For all the talk about how much more Nvidia can grow, it delivered a blowout report for the fiscal 2026 first quarter (ended April 27). Revenue increased 69% year over year, and non-GAAP (adjusted) earnings per share were up from $0.61 last year to $0.81 this year. That included a charge it had to take for not being able to fulfill orders to China, resulting in a $0.15 loss per share. Nvidia is a profit machine with a 52% net profit margin.

Nvidia is easily the leader in its field, with as much as 95% of the total AI chip market, depending on who you ask. It has deals with pretty much all the major players in AI, who rely on its powerful graphics processing units (GPU) to make the generative AI magic happen. The companies who are out there offering AI platforms, like Amazon and Meta Platforms, need huge data centers to create the power necessary to drive the technology, and they need Nvidia as a partner. Data centers are Nvidia’s highest-growth business right now, increasing 73% year over year in the first quarter.

Amazon, for one, is creating its own chips to offer budget options for some of its clients. However, it will maintain its relationship with Nvidia because it needs Nvidia’s highest-quality products for its own largest clients.

Staying ahead of the curve

The market was concerned when Chinese LLM DeepSeek came out a few months ago, and it seemed to offer excellent results without needing the power of chips like Nvidia’s. Even at the time, Nvidia CEO Jensen Huang welcomed the news and said advances in AI were good for the whole industry, including Nvidia, and that he wasn’t worried.

Those concerns have since died down as Nvidia continues to roll out industry-leading products and stellar results. The company recently replaced its previous AI generation, called Hopper, with its improved technology under the Blackwell name. It’s releasing the next iteration of that, called Blackwell Ultra, and it has the next generation of even more powerful chips, called Rubin, in the works for release next year.

Huang said that the need for inference, which is how generative AI takes its data collection and turns it into results, has surged over the past year and that agentic AI will generate higher demand for AI computing. He added, “Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and Nvidia stands at the center of this profound transformation.”

The AI opportunity is simply enormous, and Nvidia is poised to maintain its dominant position and keep delivering shareholder wealth.

Can Nvidia make you a millionaire?

There are reasons to envision Nvidia continuing to grow at a fast pace and for its stock to reflect that. However, as fast as it is growing, Nvidia isn’t going to be able to replicate its earlier stock gains. The company is just too big. It’s already expecting its growth rates to decelerate, even though it’s also expecting the business to keep growing. It’s just harder to report high double-digit growth on an increasingly large base.

That’s partially why, from an earnings perspective, Nvidia stock is looking very reasonably priced. It trades at a forward, one-year P/E ratio of only 25.

Investing $10,000 today could be a great idea, but it isn’t likely to make you a millionaire on its own. Turning $10,000 into $1 million implies a 10,000% increase, and Nvidia stock isn’t likely to achieve that feat at this stage, even over the long term.

However, the company still has incredible opportunities and should reward investors well in the coming years. If you’re looking for a strong candidate for an AI stock to add to your portfolio and don’t own Nvidia stock yet, it could be a valuable part of a millionaire-maker portfolio.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Meta Platforms, and Nvidia. The Motley Fool has a disclosure policy.