Here are three high-potential quantum computing stocks to consider for generous growth
Quantum computing could revolutionize multibillion-dollar industries, creating big opportunities for quantum computing stocks. We know quantum computing can handle difficult calculations in a matter of hours, if not minutes that would take traditional computers years to solve.
We also know the market could be worth about $6.5 billion by 2030 from $928.8 million today, according to Fortune Business Insights. And we already know it may be able to advance artificial intelligence (AI), machine learning, financial modeling, cybersecurity, batteries, and even help with the green energy boom.
It can even help the pharmaceutical industry discover new drug treatments for a variety of medical issues quicker than we ever thought possible.
Quantum computing may be able to boost AI capabilities. “This quantum-AI synergy could tackle computationally intensive tasks beyond classical computers’ reach, potentially helping to power breakthroughs in medicine, materials science, financial modeling and cryptography,” says Pymnts.com.
That being said, it’s no wonder countries all over the world are racing to develop quantum computing technologies. And why investors are jumping into quantum computing stocks, such as:
IonQ (IONQ)
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IonQ (NYSE:IONQ) doesn’t have the most attractive chart just yet. But give it time.
For one, earnings haven’t been too shabby. The company just posted a first-quarter loss of 19 cents, which beat expectations by six cents. Revenue of $7.6 million – up 77.2% year over year – beat by $600,000. Also, for the full year, revenue is expected to be between $37 million and $41 million, with estimates calling for $39.99 million.
Two, the company just announced a collaboration with Oak Ridge National Laboratory (ORNL) to explore how quantum technology can be used to modernize the power grid.
After all, according to an IONQ press release, “The U.S. power grid is challenged by increased demand and a proliferation of energy sources, increasing the need for innovative solutions that can address both optimization and security challenges.”
Funds like IONQ too. Sculptor Capital, for example, just increased its holdings in IONQ by nearly 317% at the end of March. Ken Griffin’s Citadel Advisors recently bought 305,120 shares of IONQ at the end of March, too.
Quantum Computing (QUBT)
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At 71 cents, Quantum Computing (NASDAQ:QUBT) is attempting to pivot from triple-bottom support dating back to early February. The last time it tested this line of support, it bounced from about 71 cents to 86 cents. The time before that, it bounced from 71 cents to $1.25. It’s nothing to write home about at the moment, but give this one time to work out, too.
Helping, it recently secured a NASA contract to remove sunlight noise from LiDAR spectral mapping in lower earth orbit.
“This opportunity showcases the generalized use of entropy quantum computing for signal-to-noise enhancement, not only for generalized LiDAR applications but for a wide range of important spectral sensing measurements,” says CEO Dr. William McGann.
QUBT also sold a quantum LiDAR prototype to Johns Hopkins University, which the school will use for testing and evaluation. Reportedly, this marks a substantial advancement in underwater LiDAR technology.
D-Wave Quantum (QBTS)
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There’s also D-Wave Quantum (NYSE:QBTS), which claims to be the world’s first commercial supplier of quantum computers. According to TipRanks.com, QBTS has a consensus strong buy rating from four analysts, with an average price of $3 a share. Better, the stock will join the Russell 3000 Index on July 1, which will give it even more exposure to investors.
In addition, not long ago, analysts at Needham initiated coverage of QBTS with a buy rating, with a $2.50 price target.
The firm noted, “D-Wave is a pure-play quantum computing company that targets commercial applications with a unique quantum annealing technology. The firm says that, unlike its peers, D-Wave generated 70% of its 2023 revenue from commercial customers by applying its quantum annealing systems to real-world optimization problems,” as noted by TipRanks.com.
From its current price of $1.40, I’d like to see QBTS retest its high of $2.40 near term, especially as the race for quantum computing heats up.
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.