Quantum computing is one of the hottest fields in technology right now. These supercomputers have the potential to revolutionize life as we know it, making cutting-edge advances in areas ranging from medicine to space exploration.
The quantum computing market is projected to reach $4.38 trillion globally by 2028. Compare that number to $866 billion this year as demand for advanced technology grows exponentially, according to the market intelligence firm Markets and Markets. And so, many tech companies are exploring the arena of quantum computing.
In the very near future, quantum computing will become a part of mainstream life. Some even predict that quantum computers will eventually replace the personal computers we use in our daily work. With the market growing rapidly, let’s look at three quantum computer stocks to make your “get rich” dreams come true.
Currently, the focus is on microchip and semiconductor manufacturers Nvidia (NASDAQ:NVDA extension) whose goal is to use the technology in artificial intelligence (TO THE) applications and platforms. However, the company’s chips and semiconductors also drive the world’s most powerful supercomputers and are used extensively in quantum computing. Specifically, Nvidia is adapting its graphics processing units (GPUs) to the development of quantum computers. Additionally, it is working to combine quantum computing with artificial intelligence and machine learning.
Nvidia has introduced cuQuantum, a standalone kit that assists software developers in building quantum computing workflows. Earlier this year, the company also announced DGX Quantum, a system that combines Nvidia’s most advanced GPUs with quantum hardware. For example, computer scientists are using Nvidia’s quantum work to accelerate the development of prescription drugs and to improve the efficiency of jet engines. NVDA stock was the best in 2023, up nearly 200% year-to-date.
Tech giant Microsoft (NASDAQ:MSFT extension), another AI winner, recently announced its latest ambitious plan to build its own quantum supercomputer within 10 years. Company executives aim to create a supercomputer capable of performing one million quantum operations per second. The company is already designing special refrigeration systems, microscopic hardware and special software to advance the development of quantum computing technology.
Microsoft also offers access to quantum computing services for researchers through its cloud platform called Azure. The company is investing in quantum cryptography to ensure its quantum computing technology is as secure as possible. A leadership position in quantum computing, plus Microsoft’s leading roles in video games, cloud computing, and software, make the company’s stock a no-brainer for investors. MSFT shares are up 41% year over year and have gained 234% in five years.
For a pure quantum computing stock, look at ionQ (NYSE:IONQ extension), a company specializing in the production of hardware and software for quantum computing. In 2023, IONQ stock has proven to be a great investment, having nearly quadrupled since January (+290%). So far this year, IonQ has outperformed nearly every tech stock in the Nasdaq index. Shares soared on growing optimism around quantum computing. Additionally, the increases followed a sharp decline during last year’s tech wreck.
Despite the current bull run, IONQ stock is only 23% higher than its 2021 initial public offering (IPO), and analysts see more avenues for the stock to pursue. The company also remains a small-cap stock as its market cap is just $2.70 billion. The stock recently gained on improving company financials and news of partnerships with tech giants like Microsoft and Amazonia (NASDAQ:AMZ extension). While IonQ remains unprofitable, its revenue growth is accelerating rapidly.
As of publication date, Joel Baglole held long positions in NVDA and MSFT. The views expressed in this article are those of the writer, subject to InvestorPlace.com Guidelines for publication.
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