Even if an investor starts from a relatively large base, achieving a $1 million net worth in the stock market is a challenging feat. If one finds a stock on track for massive gains in a shorter period, like a year, forecasting such growth and sustaining it over a long period of time is quite another matter.

Fortunately, the market offers innovative stocks set to benefit from such trends. Admittedly, the market offers no guarantees, but given their pace of innovation and the pace of growth expected to follow, one stands a reasonable probability of achieving such returns in these three stocks.

1. Tesla

Tesla (TSLA -4.95%) has impressed investors with massive growth, as its release of the Model 3 and Model Y showed that a mass-market electric vehicle could not only become popular among consumers, but help Tesla achieve considerable growth and profitability.

Fortunately for investors, Tesla has not finished innovating, and its artificial intelligence (AI)-driven self-driving technology could spark the next wave of stock price growth. It just released its Cybercab, its upcoming self-driving vehicle, estimating it can grow production to 2 million units annually by 2026.

Additionally, Tesla expects to offer this technology as a sort of self-driving platform-as-a-service offering. Cathie Wood's Ark Invest believes that could take its stock to $2,600 per share, a roughly eightfold gain in five years, as self-driving technology eventually drives the majority of Tesla's revenue growth.

As of now, Tesla stock is on the road to recovery, having more than tripled from a multiyear low of just over $100 per share in early 2023. Indeed, the recent P/E ratio of 88 may seem elevated. However, if Ark Invest is right about self-driving technology becoming the company's primary revenue driver, that premium may be a small price to pay for Tesla's growth potential.

2. Qualcomm

When it comes to the AI chip market, a semiconductor stock like Qualcomm (QCOM -0.81%) may seem like an afterthought. After all, the company's revenue had declined in recent quarters, and with the 5G upgrade cycle having run its course, it appeared poised for a pullback.

However, AI has given consumers a new reason to buy a smartphone, and Qualcomm stands ready to provide AI capabilities with its Snapdragon 8 Gen 3 and Elite Mobile Platform. Also, it continues to beat the competition as companies like Apple attempt to develop a superior product, only to sign back up with the company.

Additionally, Qualcomm is preparing for the day when smartphones become less critical. To that end, it has expanded into PCs, industrial/IoT applications, and automobiles, with its automotive segment growing at a particularly rapid rate.

Moreover, investors should remember that Grand View Research forecasts the global AI chip market will grow at a compound annual growth rate of 29% through 2030. Hence, even if its AI market share is not as large as Nvidia's, the technology could substantially increase the company's growth.

Finally, its P/E ratio of just 19 may indicate investors may have so far ignored this company. As the AI capabilities of smartphones and other applications become more apparent, the low valuation could be the catalyst Qualcomm needs to move higher from here.

3. VanEck Semiconductor ETF

Those who do not believe an exchange-traded fund (ETF) can drive outsized returns need to take a closer look at the VanEck Semiconductor ETF (SMH -1.01%). The fund has mastered the art of owning numerous stocks for diversification while consistently beating the S&P 500 (^GSPC -1.11%). 

The VanEck fund consists of 26 semiconductor stocks, and its holdings are well known to tech investors. Nvidia makes up about 23% of the fund, followed by a 13% allocation in Taiwan Semiconductor and 8% in Broadcom.

Each of its other positions make up less than 5% of the fund. However, other holdings include AMD, Texas Instruments, and ASML.

Amid that relative lack of diversification, the fund returned an average of 27% yearly over the last 10 years. That includes boom years like 2024, with the fund up 49% year to date and a 34% drop during the 2022 bear market.

Finally, the portfolio management and returns cost shareholders an ETF expense ratio of just 0.35%. In comparison, Morningstar estimated the average expense ratio was 0.48%, meaning investors benefit from this fund at a low cost.

Given those low management costs and the ETF's returns, investors may have good reason to buy the VanEck Semiconductor ETF rather than place their trust in an individual stock.