This Growth Stock Could Produce 10X Returns

Over the next month, would you rather receive $10,000 each day, or have $0.01 that doubles on a daily basis? In the first scenario, you end up with $300,000 — that sounds pretty good. But if you start with $0.01 and double the sum each day for a month (i.e. $0.02 on day two, $0.04 on day three, etc.), you end up with $5.4 million after 30 days.

Now, you’ll probably never buy a stock that doubles for 30 consecutive days, but this example still illustrates the power of compounding growth. A few big winners can transform a diversified portfolio into a market-crushing machine, helping you generate life-changing wealth.

With that in mind, I think UiPath (NYSE:PATH) could grow tenfold over the next 10 years. Here’s why.

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UiPath has a $60 billion market opportunity

UiPath’s mission is to empower workers through automation. Management envisions a future in which people work alongside software robots. To that end, its platform blends three cutting-edge technologies, enabling clients to build intelligent bots capable of automating both simple and complex tasks.

1. Low-code development replaces computer code with drag-and-drop tools, simplifying the software development process.
2. Robotic process automation (RPA) makes it possible to automate simple, repetitive tasks like syncing databases, completing forms, and moving documents.
3. Artificial intelligence (AI) makes it possible to automate tasks that require complex decision-making skills.

Specifically, UiPath actually leans on three types of AI: computer vision, natural language processing, and machine learning. These technologies infuse bots with the ability to see documents, understand language, and learn from human behavior, meaning they become more proficient over time.

As an example, banks could use UiPath’s software to automate the mortgage application process. Intelligent bots could review applications, add the necessary information (e.g. credit scores, income), verify titles and deeds, and incorporate notes from home inspections. Then, using all of that data, the bots could predict the likelihood of a default, and pass the work to a human employee for review.

In short, UiPath aims to boost efficiency and drive productivity through automation, and its platform has applications in virtually every industry. In fact, management puts its addressable market at $60 billion, and that figure will likely get bigger in the years ahead.

UiPath maintains a competitive position

UiPath has an enormous partner network that spans over 4,700 businesses. This ecosystem includes consulting firms like Accenture and Deloitte, which help mutual clients deploy the platform and build automations. But it also includes technology partners like Microsoft and Amazon, which provide integrations with the UiPath platform. These pre-built connectors accelerate time to value, allowing clients to quickly automate tasks in Microsoft 365, Amazon Web Services, and…