Quantum computing stocks are exploding.
All as Nvidia CEO Jensen Huang becomes far more bullish about quantum computing — and expects they’ll start solving real-world problems in the coming years. “We are within reach” of being able to apply quantum computers “in areas that can solve some interesting problems in the coming years,” Huang added, as quoted by CNBC. “This is a really exciting time.”
In short, there’s still massive upside potential in quantum computing stocks.
After all, the technology may very well be a massive game-changer. With it, the world may be able to solve problems far too complex for typical computers within minutes, or even seconds.
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 with the green energy boom.
No wonder governments all over the world are heavily investing in quantum computing.
In fact, according to the State of Quantum 2024, more than 30 governments have already made commitments of more than $40 billion to quantum technologies over the next 10 years.
Even better, analysts say the quantum computing market could eventually be worth about $850 billion by 2040, as noted by Forbes. It’s just part of the reason why Englander bought in.
Look at D-Wave Quantum (SYM: QBTS).
The company just announced the availability of its Advantage2 quantum computing system.
“Today marks a significant milestone not just for D-Wave, but for the quantum computing industry as a whole, as we bring to market our sixth-generation quantum computer, a system so powerful that it can solve hard problems outside the reach of one of the world’s largest exascale GPU-based classical supercomputers,” said CEO Alan Baratz, quoted by Seeking Alpha.
Fueling even more upside, QBTS just posted an EPS loss of two cents, which beat expectations by three cents. Revenue of $15 million, up 503.3% year over year, beat by $4.5 million. Plus, analysts at Roth Capital just raised their price target to $12 with a buy rating on the stock. Benchmark analysts also raised their price target to $14 with a buy rating.
There’s also the Defiance Quantum ETF (SYM: QTUM).
With an expense ratio of 0.4%, the Defiance Quantum ETF (QTUM) tracks some of the top tech stocks, including D-Wave Quantum, Rigetti Computing, Palantir Technologies, IonQ, Alibaba Group, RTX Corp., and Intel to name just a few.
In addition, the ETF is exposed to companies at “the forefront of machine learning, quantum computing, cloud computing, and other transformative computing technologies,” as noted by DefianceETFs.com. It also tracks the BlueStar Quantum Computing and Machine Learning Index, with about 71 holdings.
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