Why Quantum Computing Stock Was Blasting Higher This Week
Key Points
This company rolled out a series of AI models to help further the development of quantum computing.
Ising looks set to become the standard in this very specialized niche.
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Certain companies are so powerful in their niches that they can lift entire other sectors with a single initiative.
That was the dynamic behind the sharp and sudden rise of quantum stocks this week, with the company that bears the name of the sector -- Quantum Computing (NASDAQ: QUBT) -- being one of the titles leading the way. According to data compiled by S&P Global Market Intelligence, the company's shares were defying gravity by almost 34% week to date as of early Friday morning.
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Advancing with AI
The monster company providing a lift to quantum computing developers was graphics processor titan Nvidia. On Tuesday, it formally rolled out a series of new artificial intelligence (AI) models known as Ising.
Image source: Getty Images.
In the press release trumpeting the new line of models, Nvidia wrote that it "provides high-performance, scalable AI tools for quantum error correction and calibration -- two of the most critical challenges in building hybrid-quantum classical systems."
For those unfamiliar, open-source products are free to use and modify. So if these function as promised, they could be quite the boon for quantum development. And since companies like Quantum Computing have little revenue and are therefore typically cash-strapped, the no-cost, customizable aspects of Ising are immensely useful and invaluable.
Potential business boon
The availability of Ising doesn't, of course, mean that Quantum Computing's business will instantly leap into high gear. However, it now has new tools at its disposal from one of the world's top hardware companies. I feel this can only be a positive development for the company, specifically, and for the quantumverse in general. Investors are right to be bullish on both, in my opinion.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
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