Pure play IonQ holds the world record for the most accurate quantum computing.
Microsoft and Alphabet serve as excellent legacy quantum investing alternatives.
Quantum computing may seem like a far-fetched technology, but the reality is that it’s rapidly progressing to the point where it’s starting to become useful in many applications. These investors should position themselves accordingly, as quantum computing could have a huge upside if investors pick the right stocks.
I’ve got three stocks that I think are best positioned for quantum computing success. Investors should maintain some exposure to these stocks in case their breakthroughs cause them to go parabolic.
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IonQ (NYSE: IONQ) is one of the leaders of the quantum computing race. Its leadership status comes from its world-record holding system, which delivered 99.99% fidelity in a common test that quantum computing companies use to test accuracy. This is a huge deal, because the primary reason why we don’t see more widespread quantum computing is its relative inaccuracy.
IonQ believes that the 99.99% threshold is good enough for the company to start scaling its device to have millions of qubits by 2030. For reference, it plans to implement this technology to build a 256-qubit system this year. Should IonQ develop an accurate quantum computing system with millions of qubits by 2030, it could take the world by storm and be one of the top-performing quantum computing stocks, especially in applications where perfect accuracy is critical.
However, the reason why IonQ has achieved this incredible accuracy figure is the architecture it’s designing its computer around. It’s using a technology called trapped ion, which trades accuracy for speed. There are other quantum computing techniques, namely superconducting, that deliver slightly less accuracy but far better speed. That’s the path that my other two picks are taking, and I think having exposure to both types is key to having long-term quantum computing investment success.
Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and Microsoft (NASDAQ: MSFT) may be somewhat boring quantum computing stock picks. They aren’t as flashy as some of the quantum computing upstarts, but make no mistake, they are spending heavily on quantum computing and rapidly advancing their own technologies.
You won’t hear as much fanfare regarding their quantum successes as you would from smaller companies. That’s because these two can self-fund their quantum computing research and don’t need to broadcast every success they have to maintain investor interest.
But that doesn’t mean they aren’t seeing breakthroughs. Recently, Google (part of Alphabet) published a paper stating that it has developed the algorithm necessary to break the current cryptocurrency blockchain encryption within minutes by 2029. While there are ways to improve blockchain security to make it quantum computing-proof, it highlights a huge fact: Quantum computing technology is coming faster than anyone outside of the industry thinks.
This could have huge implications for sectors like cybersecurity and AI. It also has implications in other areas where traditional computers aren’t the best tools for the job due to all the different variables present in a system.
Microsoft has been really quiet on the quantum front and hasn’t announced as many breakthroughs as Google. But its Marjorana 1 quantum computer is the real deal and is already having effects in areas like chemistry. This could accelerate the timeline to discovering new compounds for drugs that could cure various diseases. CEO Satya Nadella said a while back that quantum computing is the next big accelerator in cloud computing.
That’s saying something, because AI computing was the last major acceleration this industry experienced, and that has boosted (and continues to boost) cloud computing spending.
I think exposure to a smaller upstart like IonQ, which is leading the way in its own category alongside legacy players with nearly unlimited funds, is a smart way to play this industry. Quantum will have a major effect, likely sooner than most expect it, and making sure you own these three stocks can be a great way to profit from it.
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Keithen Drury has positions in Alphabet, IonQ, and Microsoft. The Motley Fool has positions in and recommends Alphabet, IonQ, and Microsoft. The Motley Fool has a disclosure policy.
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