Every investor's ultimate goal is to produce huge returns from their ASX stocks. While it's possible to turn $10,000 into $1 million, it's not as simple or as risk-free as you'd expect.
This level of investment growth usually takes many years of strong earnings, a lot of patience, and a big chunk of luck.
But if I had to pick two ASX stocks that I thought could make it happen, it would be these two.
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Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price soared to an all-time high of around $330 per share in July last year. It then seesawed until around early October. At this point, a sudden shift in investor sentiment sent the ASX stock crashing.
Key drivers were a combination of a broad-based tech sector sell-off, concerns that the company's share price was inflated and overvalued, and investors taking huge profits off the table after a strong run.
Sentiment didn't improve when the company posted a record-breaking half-year FY26 result in mid-February. Its revenue was up 28%, and profit jumped nearly 30%, but it still missed investors' extremely high expectations.
But it's worth noting that despite the confidence crash, as a business, Pro Medicus is incredibly strong. The company is continually expanding operations, and the outlook for the medical imaging sector is positive.
Pro Medicus even made some leaps in company growth over the past couple of months. The business has won several contracts so far in 2026, including two $40 million five-year contract renewals with its wholly owned US subsidiary, Visage Imaging, in early March.
At the time of writing, the shares are up 4.4% to $122.04. But I think the stock is still trading significantly below fair value right now. Analysts tip an upside of up to 145% to $300 per share, at the time of writing.
Megaport Ltd (ASX: MP1)
Megaport is another ASX stock that was caught up in the sector-wide sell-off of technology stocks. At the time, many investors were also concerned that AI could disrupt traditional software models. There was also concern that AI tools might replace or reduce demand for subscription-based software.
The beaten-down tech stock was also battered by high investor expectations and heavy acquisition spending, which raised concerns about near-term costs and profits.
Megaport shares climbed to a mult-year high in November last year, before crashing nearly 60% to the price at the time of writing.
But the reality is that the long-term drivers of AI and tech-sector growth haven't gone away. Technology is rapidly advancing, and businesses are investing in AI more than ever before. Continued tech investment points to widespread, ongoing adoption rather than rejection.
At the time of writing, Megaport shares are up 1% to $7.32 a piece. But I think the market will correct itself, and AI-related tech stocks could enjoy a share price recovery. Analysts tip a huge upside of up to 227% to $23.98 over the next 12 months.
