The Best Quantum Computing Stocks to Buy Right Now

Although the technology arena is still heavily involved in the artificial intelligence (AI) arms race, the quantum computing race is starting to heat up. Quantum computing could unlock the next phase of AI, as well as drive innovations in other fields, like logistics. However, the industry is still a few years away from seeing quantum computing deployed on a wide scale, and investors need to be careful not to get involved too early.

Still, I think there are a few quantum computing stocks that are worth buying today and could work out well for investors, regardless of how the next few years of quantum computing developments unfold.

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Nvidia

Nvidia (NASDAQ: NVDA) probably isn't the first company that comes to mind when you think of quantum computing. It specializes in graphics processing units (GPUs), which are built to run using traditional computing techniques. However, Nvidia sees the potential in quantum computing and wants to partner with as many quantum computing companies as possible to ensure its equipment is used in conjunction with quantum computers.

One technology that sets Nvidia apart in the GPU world is its CUDA software, which allows developers to maximize the computing potential of GPUs. Nvidia has begun developing CUDA-Q software, which will integrate with various quantum processing units being developed by other companies. This software integration will bridge the gap between traditional and quantum computing, ensuring that Nvidia, regardless of its success, will capture a slice of the quantum market.

In the meantime, investors continue to reap the benefits of Nvidia's GPU sales, which are fueling the AI arms race. There's still a ton more computing capacity that needs to be built out, and Nvidia's stock will continue to capitalize on that for years to come.

Alphabet

Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) kicked off the quantum computing investment hype in December when it announced its Willow quantum computing chip. Willow solved a problem in five minutes that would have taken the fastest supercomputer 10 septillion (10 to the 25th power) years to complete. This test was stacked in Willow's favor, as it involved a problem that leverages quantum computing's strengths, but it demonstrates that accurate quantum computing technology is feasible.

Similar to Nvidia, Alphabet doesn't need its quantum computing investments to work out in order to be a successful investment. It has an incredibly successful base business and is also developing top-notch AI tools that will allow Alphabet to excel in an AI-first world. Furthermore, Alphabet's stock is currently undervalued at 18 times forward earnings.

GOOGL PE Ratio (Forward) data by YCharts

While most quantum computing and AI stocks are quite expensive, Alphabet's stock offers solid value to investors. Alphabet is a heavyweight competitor in both the AI and quantum computing races, making it an excellent buy right now.

IonQ

IonQ (NYSE: IONQ) is a pure-play quantum computing investment, and it's my top pick among companies whose business models are solely based on the success of its quantum computing products. There is no backup plan for IonQ; if it fails, the stock price will drop to $0. This is an important consideration for investors, and position sizing needs to be appropriate for a company that carries as much risk as IonQ.

However, there are several positive signs with IonQ's stock. It holds several key quantum computing contracts, including one with the U.S. Air Force Research Lab. The company also boasts a leading two-qubit gate fidelity, a common measure of the accuracy of a quantum computing calculation. This stems from IonQ's all-to-all connectivity, which allows each qubit to interact with each other to produce the most accurate calculation possible.

Furthermore, IonQ has developed a practical approach for quantum computing, as its trapped ion approach enables the computers to operate at room temperature. Most other solutions are focusing on the superconducting path, which requires cooling the particle to nearly absolute zero temperatures. Should IonQ's technology deliver solid results for prospective clients, it can differentiate itself from the competition based solely on its operating costs.

IonQ is still a long shot, but I think it's the best among the pure-play start-ups. Pairing IonQ with Alphabet and Nvidia in an investment portfolio is a solid approach, as it allows investors to balance the risk of an all-or-nothing investment like IonQ with companies that have established, solid businesses, such as Nvidia and Alphabet.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Keithen Drury has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet and Nvidia. The Motley Fool has a disclosure policy.