Beyond the Binary: These Are the Top Quantum Computing Stocks to Buy This Year
Key takeaways
- Quantum computing is thought to be one of the technologies with the most potential alongside AI
- New Nvidia breakthrough in the field has sent smaller stocks surging
- As with anything on the cutting edge of technology, it can be high risk/potential high reward situation for investors
What is quantum computing? We’re talking the super nerdy stuff: computer science and math coming together to solve problems that the computers we use today could only dream of. With the rise of AI, investor attention has inevitably turned to the discipline.
With that in mind, let’s take a look at the top quantum computing stocks for your portfolio if you want to get involved in the sector.
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Top quantum computing stocks
With tech rapidly developing, such as the explosion of AI in the last few months, the need for lightning-fast computing power becomes more urgent. That’s why quantum computing could become one of the dominant technologies in future decades — and companies are looking to build on that now.
Despite this, finding a pure quantum computing company performing well on the stock market is challenging. As a result, it’s better, for now, to focus on more prominent companies which are moving into the field. Here are some of the biggest names in the field that offer indirect exposure.
Nvidia
You’re probably sick of hearing about Nvidia’s insane stock market run this year. But the semiconductor company announced a breakthrough in quantum computing just a few days ago: along with Rolls-Royce and Classiq, it’s developed a new way for jet engines to become massively more efficient. At the time of writing, Nvidia is up 109%, but its $299 price tag could end up as small change if it dominates both AI and quantum computing.
IonQ
Benefiting from the Nvidia news, quantum computing company IonQ has soared 40% just this week, announcing that its Aria quantum computer would soon be on Amazon’s Bracket quantum computer service (no, we didn’t know that existed either). Be warned: it’s a volatile stock, having gained 185% this year alone.
Quantum Computing
It does what it says on the tin. And yes, it’s a penny stock. But that doesn’t mean it hasn’t seen a boost from its news that it’s gotten a follow-on task order to its subcontract award from NASA looking at climate change monitoring.
The positive announcement saw the stock climb 3.4% in pre-market. Perhaps it’ll take off one day, given Nvidia’s on track to continue its dominance in the market.
IBM
Sure, IBM might not be the most exciting of stocks, but it’s one of the companies making the most significant leaps in quantum computing. Its website boasts of having the largest quantum computing fleet in the world and the business unveiled its open-source quantum computing service, Qiskit Runtime, in 2017. This year, the stock has gained over 5% and offers steady returns for the risk-averse investor.
The bottom line
Thanks to the Nvidia news, the quantum computing sector has been hotting up this week, but it’s still a long way to go before the tech becomes mainstream. Still, it’s an exciting avenue for investors to consider adding to their portfolio should the industry take off.
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