Buying and holding solid companies for a long time is a tested investment philosophy that has helped investors enjoy significant returns. This strategy not only allows investors to capitalize on secular growth trends but also enables them to benefit from the power of compounding.

For instance, an investment of $5,000 in shares of Nvidia a decade ago is now worth a whopping $1.37 million. The graphics card specialist's outstanding returns can be attributed to its impressive growth over the past decade, which has been driven by the demand for its chips from the gaming and data center segments. And now, artificial intelligence (AI) is turning out to be another solid catalyst for Nvidia.

Nvidia, however, is not the only company that is benefiting from AI adoption. Micron Technology (NASDAQ: MU) and SoundHound AI (NASDAQ: SOUN) have also received a nice lift from AI proliferation. Of course, expecting these companies to turn $5,000 into a million dollars in a decade (like Nvidia) may seem a bit far-fetched. However, buying and holding these AI stocks as a part of a diversified portfolio may help investors achieve their goal of becoming millionaires.

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Source Fool.com