Back in February 2016, Cypress Semiconductor (NASDAQ: CY) hit an all-time low of $6.55 on concerns about its declining gross margins. But just a few months later, Cypress agreed to buy Broadcom's wireless Internet of Things (IoT) unit, which opened up significant new growth opportunities.

Shares of Cypress have nearly tripled since then, but the chipmaker still has a fairly low enterprise value of $6.6 billion. Could the stock deliver additional multi-bagger returns and become a millionaire-maker stock in the near future? Let's dig deeper into its business to find out.

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What does Cypress Semiconductor do?

Cypress is the top chipmaker in six markets -- Wi-Fi/Bluetooth combo chips for Internet of Things (IoT) devices, auto instrument cluster microcontrollers, auto NOR flash memory chips, SRAM memory chips, USB-C controllers, and other USB solutions. These niches are often overlooked by bigger chipmakers.

The company's core growth strategy, "Cypress 3.0", aims to turn the chipmaker into a "one-stop embedded solutions provider" for the IoT market. This strategy is working: Cypress noted that 80% of its revenues came from customers who purchased "two or more" product families last quarter.

What the bulls think about Cypress

Cypress is a great play on connected cars, which use its Wi-Fi/Bluetooth combo chips, NOR flash memory chips for ADAS (advanced driver assistance systems), USB-C charging solutions, and vehicle microcontrollers.

Cypress claims that a "basic" vehicle contains about $300 worth of semiconductors, but new "high-end" connected cars use about $1,000 in chips. That's why Cypress' auto revenues rose 16% last year, even as auto sales remained soft worldwide.

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Another growth engine for Cypress is the Industrial IoT, which connects industrial machines to each other and the cloud. Cypress expects the total addressable market for industrial chips to grow at a compound annual growth rate (CAGR) of 10% between 2016 and 2021.

The strength of Cypress' industrial business, along with its auto and consumer units, boosted its IoT wireless connectivity revenues by 46% annually last year.

Cypress also expects the adoption of the USB-C standard, which boosted its wired connectivity revenues by 70% last year, to accelerate. The chipmaker controls 38% of the USB-C controller market, which it expects to grow at a CAGR of 89% between 2016 and 2021.

As for memory chips, Cypress controls 65% of the market for NOR chips, which are widely used in connected cars and industrial machinery. It produces the highest density serial NOR flash memory in the world with its "MirrorBit" technology. Cypress also sells programmable system-on-chips (PSoCs) for the industrial market -- which enable machines to "talk" to each other and synchronize with software platforms.