Want to Invest in Quantum Computing? 3 Stocks That Are Great Buys Right Now.
Key Points
When investing in quantum computers, there are things to consider in hardware, software, and manufacturing.
The quantum computing space is young from a development perspective, meaning investors need to be patient.
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I've excitedly monitored the field of quantum computing for roughly a decade now. This "next wave" of computing promises to solve complex problems that traditional computers can't touch.
However, I've been reluctant to invest in pure-play quantum computing companies because the technology isn't fully developed. It could still be years before these businesses generate meaningful revenue, making investment difficult. That being said, I'm increasingly willing to make an exception for IonQ (NYSE: IONQ).
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Quantum computing companies are targeting systems with more than 1 million qubits, compared to the hundreds of qubits today. A system of over 1 million qubits will be so powerful that I believe it matters which company reaches this milestone first. This is why I'm starting to like IonQ.
In short, IonQ is running with leaders in quantum hardware, yes. But the company is in the process of acquiring SkyWater Technology (NASDAQ: SKYT), which will make it a leader in manufacturing as well. This vertical integration will allow IonQ to iterate more quickly to improve its hardware. And it will also allow it to scale faster when the time comes.
IonQ may soon have a speed advantage, if you will, which is why it's a pure-play quantum computing stock that I'd consider buying. However, for those looking for a more diversified quantum computing play, look no further than Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL). With over $400 billion in trailing-12-month revenue, it clearly doesn't need to win quantum to survive.
Alphabet is a top quantum stock because it's been working on the problem for more than a decade and has virtually unlimited financial resources to throw at it. Moreover, the company's new Willow chip gets better at correcting its errors as the system scales, according to those working on the project.
Speaking of errors, this is a common setback for quantum computers. Because qubits are hard to control, hard to read, and can be unstable, errors occur. Quantum computing companies are trying to improve hardware. But error-correcting software will likely always be an important part of making everything work. This is why I believe IBM (NYSE: IBM) would be a third quantum computing stock for investors to consider.
IBM is working on hardware. But its quantum computing software development kit (SDK) appears to really be gaining momentum. It's open source and has been downloaded over 13 million times, which objectively makes the company a leader here. And, according to some reports, it's the most popular quantum computing SDK among developers.
Therefore, it's possible that IBM could be a winner in quantum computing software even if another company wins in hardware.
In summary, I believe three quantum computing stocks worth buying today are IonQ, Alphabet, and IBM because each has its own advantages. But I will temper expectations by saying that quantum computers still need to improve over the coming years, which means investors will need to be patient as the space develops.
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Jon Quast has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, International Business Machines, IonQ, and SkyWater Technology. The Motley Fool has a disclosure policy.
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