Proposed by Feynman in the 1980s, quantum computing has rapidly evolved, offering unique capabilities beyond classical computers. Shor’s Algorithm, for example, could break modern encryption, while other advancements offer unparalleled benefits.
Promising quantum computing stocks emerge as a niche industry poised for growth, making it an opportune investment. Riding the quantum wave through stocks, particularly in quantum computing, presents substantial potential gains.
IonQ (NYSE:IONQ), a quantum computing firm, showcases captivating technology. Their latest, Forte, boasts 32 qubits. IonQ aims to interconnect these for a modular, scalable design.
The company employs trapped ion qubits, which are exceptionally stable compared to other qubits. Long-term stability is vital for quantum computers’ utility, rendering IonQ a prime contender among potential stock investments.
Underrated Quantum Computing Stock
GeekWire highlighted IonQ’s leading quantum computer, Forte, and its upcoming Seattle-based successor. Quantum computing surpasses today’s AI, offering extraordinary potential.
Real-world quantum computing applications could be closer than expected, according to IonQ’s co-founder Chris Monroe.
IONQ stock rose this year due to its AI-related reputation. However, it’s more than AI hype; the company is a quantum computing pioneer. IonQ even creates human cognition models on quantum hardware, paving the path for improved decision-making imitating human thought.
IONQ Fundamentals
IonQ’s Q1 2023 earnings report shows rapid revenue growth year-over-year, from $2M in Q1 2022 to $4.3M in Q1 2023. However, R&D expenses outpaced these revenue gains, leading to a net loss which surged from $4.2M to $27.3M.
Despite substantial cash and investments, IonQ remains speculative but promising. Quantum computing’s future potential aligns with rapid growth and key technology, making IonQ a top contender in the quantum computing stocks to buy.
In Q2 earnings released on Aug. 10, revenue soared 111% year-over-year to $5.5 million.
New bookings reached $28 million, totaling $32.2 million in 2023. CEO Peter Chapman noted progress towards their revised $49-$56 million annual bookings goal and $100 million cumulative bookings target within IonQ’s first three commercial years (starting 2021).
What Now
IonQ’s global presence is evident in its partnership with QuantumBasel, Switzerland’s premier quantum computing hub. Forbes reports their joint venture entails establishing a European quantum data center and deploying two advanced IonQ quantum computers at QuantumBasel.
Beyond present AI, IonQ advances ultra-powerful quantum computing technology, an often overlooked opportunity for future-facing investors.
IONQ stock looks to be a speculative buy for investors looking for exposure to both the quantum computing sector as well as AI. While the company has a long road ahead, this is a stock that’s sufficiently small that it might generate massive returns over the long-haul for those looking to take the risk.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.