Why Quantum Computing Stock Keeps Going Up
Key Points
Nvidia's new Ising AI model can clean up and speed up quantum computer outputs.
Quantum Computing stock has been rising in hope this will also speed up its path to profits.
- 10 stocks we like better than Quantum Computing ›
For the fourth day in a row, Quantum Computing (NASDAQ: QUBT) stock is flying.
So are quantum computing stocks not actually named "quantum computing." IonQ (NYSE: IONQ), D-Wave (NYSE: QBTS), Rigetti Computing (NASDAQ: RGTI) -- everywhere you look, quantum stocks are scoring double-digit gains today, with Quantum Computing in particular up 15.4% through noon ET Wednesday.
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You can thank Nvidia (NASDAQ: NVDA) for that.
Image source: Getty Images.
Nvidia's big news
Yesterday, as you may have heard, AI powerhouse and quantum newcomer Nvidia (NASDAQ: NVDA) announced a new "Ising" AI model designed to improve quantum computer performance and correct errors in quantum computer output. Nvidia doesn't want to compete directly with quantum companies -- yet. Instead, Nvidia will insert itself into the supply chain with a product that improves the performance of quantum computers.
According to Nvidia CEO Jensen Huang, Ising can correct quantum computer output errors up to 3x faster than the "traditional approaches" quantum companies have been using. The result: "large-scale, reliable [quantum] computers" that customers will pay money to use.
What does this mean for Quantum Computing stock?
If Huang is right -- and Ising can deliver -- Nvidia is offering quantum stocks the chance to become profitable ahead of schedule. This offer may sound attractive to Quantum Computing. Analysts polled by S&P Global Market Intelligence say that following its "traditional" approach, Quantum won't earn a profit before 2029 at the earliest. Meanwhile, the company is burning through nearly $37 million in cash.
Admittedly, Nvidia is also asking Quantum Computing and its peers to share some of the quantum wealth. But again, if Huang is right, the quantum market could reach $11 billion in global revenue by 2030. That's a big pot of money -- more than enough to share.
Assuming Ising works.
Should you buy stock in Quantum Computing right now?
Before you buy stock in Quantum Computing, consider this:
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ and Nvidia. The Motley Fool has a disclosure policy.
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