Quantum computing is one of the hottest fields of technology right now. These supercomputers have the potential to revolutionize life as we know it, making cutting edge advances in areas ranging from medicine to space exploration.
The quantum computing market is forecast to reach $4.38 trillion globally by 2028. Compare that number to $866 billion this year as demand for the advanced technology grows exponentially, according to market intelligence firm Markets and Markets. And so, many technology companies are exploring the quantum computing arena.
In the very near future, quantum computing will become part of mainstream life. Some even predict that quantum computers will eventually replace the personal computers we use in our daily work. With the market growing at a fast clip, we look at three quantum computing stocks to make your ‘get rich’ dreams come true.
Nvidia (NVDA)
Currently, attention surrounds microchip and semiconductor maker Nvidia (NASDAQ:NVDA) whose focus is using technology in artificial intelligence (AI) applications and platforms. However, the company’s chips and semiconductors also drive the world’s most powerful supercomputers and are widely used in quantum computing. Specifically, Nvidia is adapting its graphics processing units (GPUs) in the development of quantum computers. In addition, it is working to combine quantum computing with AI and machine learning.
Nvidia has introduced cuQuantum, a self-contained kit that assists software developers in building workflows on quantum computing. Earlier this year, the company also announced DGX Quantum, a system that marries Nvidia’s most advanced GPUs with quantum hardware. For example, computer scientists are using Nvidia’s quantum work to speed up prescription drug developments and to improve jet engine efficiency. NVDA stock has been a top performer in 2023, having advanced nearly 200% year to date.
Microsoft (MSFT)
Tech giant Microsoft (NASDAQ:MSFT), another AI winner, recently announced its latest ambitious plan to build its own quantum supercomputer within 10 years. Company executives are aiming to create a supercomputer that is able to perform one million quantum operations per second. Already, the company is designing special refrigeration, microscopic hardware, and special software to advance the development of quantum computing technology.
Microsoft also offers access to quantum computing services for researchers through its cloud platform called Azure. The company is investing in quantum cryptography to help ensure that its quantum computing technology is as secure as possible. A leadership position in quantum computing, in addition to Microsoft’s leading roles in video games, cloud computing and software, makes the company’s stock a no-brainer for investors. MSFT stock is up 41% on the year and has gained 234% over five years.
IonQ (IONQ)
For a pure play quantum computing stock, look to IonQ (NYSE:IONQ), a company that specializes in making quantum computing hardware and software. In 2023, IONQ stock has proven to be a very good investment, having nearly quadrupled since January (up 290%). So far this year, IonQ has outperformed nearly every technology stock in the Nasdaq index. The shares have been rising on growing optimism related to quantum computing. In addition, increases have followed a big downturn during the last year’s tech wreck.
Despite the current bull run, IONQ stock is only 23% higher than its 2021 initial public offering (IPO), and analysts see more runway ahead for the shares. The company also remains a small-cap stock as its market capitalization is only $2.70 billion. The stock has recently gained as the company’s financials improve and on news of partnerships with technology giants such as Microsoft and Amazon (NASDAQ:AMZN). While IonQ remains unprofitable, its revenue growth is accelerating at a rapid rate.
On the date of publication, Joel Baglole held long positions in NVDA and MSFT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.