Country music singer Garth Brooks once said that he had more money than his great-grandchildren would be able to spend. Most people won't amass that kind of fortune during their lives.
But it's not out of the question that you could make enough money to pass down to your descendants. Here are three stocks that could create lasting generational wealth.
1. Beam Therapeutics
If you haven't heard of base editing, just give it some time. Last month, the BBC reported that a teenage girl was cured of leukemia following treatment with an experimental base-editing therapy. The technology, which allows precise editing of DNA base pairs, could be a game changer.
Several biotech companies are leading the way in advancing base editing. Beam Therapeutics(NASDAQ: BEAM) especially stands out. It was co-founded by CRISPR gene-editing pioneer Feng Zhang, David Liu (one of the inventors of base editing), and respected gene-editing innovator J. Keith Joung.
Beam already has two clinical-stage programs. The company is evaluating BEAM-101 in an early-stage clinical study targeting sickle cell disease. BEAM-201 is in another phase 1/2 study targeting T-cell acute lymphoblastic leukemia and T-cell lymphoblastic lymphoma. Several other candidates are in preclinical testing for various genetic diseases.
There's a long way to go before any of Beam's base-editing therapies have a shot at winning regulatory approvals. However, if its technology achieves the potential many think it could, this under-the-radar biotech stock will make early investors a massive amount of money.
2. Soundhound AI
Anyone who has used OpenAI's ChatGPT chatbot will recognize that artificial intelligence (AI) technology could be on the cusp of an important turning point. While several tech giants stand at the forefront of AI development, some smaller players could be huge winners, too.
Soundhound AI(NASDAQ: SOUN) could easily be one of them. The company is a leader in voice AI used to help customers. Its technology is already used by an impressive list of major corporations, including Hyundai, Mercedes-Benz, and Mastercard.
Business is booming. Soundhound AI reported that its revenue in Q3 2022 soared 178% year over year. The company's bookings backlog hit an all-time high of $302 million, a 239% jump from the prior-year period.
In November 2022, Soundhound AI launched Dynamic Interaction, a new voice AI technology that understands customers' natural speech patterns without requiring pauses or slow enunciation. This holds the potential to revolutionize customer service.
Soundhound AI isn't profitable yet, though. It could also face intense competition in the future. But this stock could grow much larger than its current market cap of a little over $200 million.
3. Brookfield Infrastructure
You don't have to go with relatively risky alternatives like Beam and Soundhound AI to build generational wealth. As a case in point, infrastructure stocks could be big winners as the U.S. and other major countries continue to spend more on infrastructure in the years to come.
Brookfield Infrastructure(NYSE: BIP)(NYSE: BIPC) stands out as one of the best infrastructure stocks to buy for the long term. The company owns and operates assets that include natural gas pipelines, electricity distribution and transmission lines, smart meters, railroads, toll roads, data centers, cell towers, and more. Its operations are diversified across four continents.
The "three Ds" -- digitalization, decarbonization, and deglobalization -- should drive Brookfield Infrastructure's growth over the next several decades. Its data center operations will benefit from the increased generation of data. The company's utilities should profit from efforts to reduce carbon emissions. And the shift of supply chains for critical products to local sources should boost Brookfield Infrastructure's rail and toll road operations.
This stock doesn't have the explosive potential of Beam and Soundhound AI. However, it could still deliver the kind of steady total returns that can make investors a lot of money over time.
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Keith Speights has positions in Brookfield Infrastructure, Brookfield Infrastructure Partners, and Mastercard. The Motley Fool has positions in and recommends Beam Therapeutics and Mastercard. The Motley Fool recommends Brookfield Infrastructure Partners. The Motley Fool has a disclosure policy.