Much like artificial intelligence (AI), quantum computing will revolutionize just about everything. All thanks to its ability to solve complex problems that are well beyond the ability of non-quantum and classical computers. In fact,according to CBS News, Quantum could give us answers to impossible problems in physics, chemistry, engineering, and medicine. All of which could give a boost to some of the best quantum computing stocks to buy.
It could even be used to discover new drugs, quicker than even imagined. It may even be able to help advance artificial intelligence, machine learning, financial modeling, cybersecurity, batteries, and even help explain the unexplainable parts of our universe. Better,according to Fortune Business Insights, the market valued at $717.3 million in 2022 could be worth well over $6.5 billion by 2030.
Helping, theU.S. government wants to spend billionsto accelerate the development of quantum computing. Right now, many argue the U.S. is falling behind. That being said, investors may want to invest in some of thebest quantum computing stocks to buy including:
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The last time I mentionedD-Wave Quantum(NYSE:QBTS),it traded at about 90 cents on Feb. 1.
At the time, I noted, Itinked a dealwithDeloitteto speed up quantum computing adoption for governments and companies all over Canada. Even better, the company isseeing quarter-over-quarter, and year-over-year growthin revenue, and customer bookings.
Today, QBTS is up to $2.08, and running on news of its new 1,200+Qubit Advantage2 prototype, which it calls the most performant system available to customers today, as noted in a recent press release.
Better, earnings havent been too shabby. In its most recent quarter, QBTS revenue was up 50% quarter over quarter, and 51% year over year. Bookings even jumped 53% year over year to $2.9 million. Plus, this was the companys sixth consecutive quarter of year over year growth in quarterly bookings. The company also reported a $53.3 million cash balance, the highest in the companys history,as noted in its November earnings release. This makes it one of the best quantum computing stocks to buy.
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Another one of thebest quantum computing stocks to buy isRigetti Computing(NASDAQ:RGTI), which has been steadily moving higher.
Since the year began, for example, it ran from about 90 cents to a high of $1.53. Now at $1.30. it could push even higher as investors push into quantum computing.
Helping, the company just announced the availability of its Ankaa-2 system, which it says is its highest qubit count quantum processing unit (QPU) available to the public,as noted in a recent press release.
It also inked a five-year deal to provide the Air Force Research Lab Information Directorate to supply researchers with quantum foundry services. This contract allows AFRL to leverage Rigettis fabrication and manufacturing capabilities to build customized quantum systems,as also mentioned in a company press release.
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Or, you could always diversify with an exchange-traded fund (ETF) like theDefiance Quantum ETF(NYSEARCA:QTUM). Since late October, the ETF exploded from a low of about $45 to a recent high of $58.51. Now at $57.53, it could push even higher thanks to holdings such asNvidia(NASDAQ:NVDA),Advanced Micro Devices(NASDAQ:AMD), andMarvell Technology(NASDAQ:MRVL) to name some of the top ones.
With an expense ratio of 0.40%, it also offers exposure to 68 more quantum computing and machine learning stocks. Moving forward, Id like to see the ETF test $70 a share.
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.comPublishing Guidelines.
Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.
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The 3 Best Quantum Computing Stocks to Buy in February 2024 - InvestorPlace
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