Why Buy QBTS & IONQ Stocks After NVIDIA CEO's Remarks?

NVIDIA Corporation’s NVDA CEO, Jensen Huang, recently shifted his stance on quantum computing, displaying hopefulness. Why is his buoyancy about quantum computing worth noting, and should investors think about buying D-Wave Quantum Inc. QBTS and IonQ, Inc. IONQ stocks? Let’s see –NVIDIA CEO Optimistic About Quantum Computing Industry On Wednesday, Jensen Huang said, “quantum computing is reaching an inflection point”. He sounded more bullish about the future of quantum computing and expects the new technology to address real-world issues in the near term.  Huang is impressed with the quantum computing industry and highlighted NVIDIA’s chip support. He added that NVIDIA would accelerate its quantum algorithm stack on the Grace Blackwell 200 chip (read more: Is NVIDIA's Rise in Value a Sign to Invest in NVDA Stock?).Huang’s recent positive comments on quantum computing were well received, especially after his earlier pessimistic prediction of a 15 to 20-year timeline for realizing the full impact of quantum computing. Quantum computing employs “qubits” to handle substantial amounts of data across disciplines such as science, medicine and finance. Quantum Computing Is a Burgeoning Field, Stocks Are Rising Quantum computing is an emerging field that harnesses quantum mechanics for efficient problem-solving, with McKinsey predicting a $2 trillion market growth by 2035. The growth will be mainly fueled by quantum computing applications in pharmaceutical and material science advancements. Quantum computing stocks have been gaining this year, with Defiance Quantum ETF QTUM advancing 9.9% this year, outperforming the S&P 500’s 1.1% gain. In reality, Huang’s bullish comments about the emerging technology helped shares of some quantum computing stocks soar to their highest level on Wednesday. Image Source: Zacks Investment Research2 Quantum Computing Stocks to Buy Now Investors are attracted to Huang's optimistic view on quantum computing and its rising popularity. However, quantum computing is still in its nascent stages; therefore, investing in related stocks requires careful consideration. We recommend two enticing stock picks for special attention. First on the list is D-Wave Quantum. The company posted blowout first-quarter results, with revenues coming in at $15 million, up a staggering 509% year over year. D-Wave Quantum was able to sell its cutting-edge Advantage2 quantum system to the Jülich Supercomputer Center in Germany. The company ended the quarter with $304.3 million in cash, which means the company is well-funded to bear its operational costs.  D-Wave Quantum met customer obligations and reduced liabilities by excelling in real-world applications due to its quantum annealing approach over gate-based computing. Interest in D-Wave’s technology has helped the company expand its customer base, which includes the likes of Lockheed Martin Corporation LMT (read more: Here's Why D-Wave Stock Promises High Growth and Is a Buy).The second is IonQ. The company’s ion trap architecture offers scalability and a competitive advantage, which may help it reach profitability soon. In the first quarter, IonQ reduced its non-GAAP loss per share to $0.14 from $0.19 a year earlier. Most importantly, the company has posted revenues of $7.6 million in the quarter and expects 2025 revenues of $75-$95 million after acquiring Lightsynq. Its latest acquisition of UK-based quantum computing firm Oxford Ionics has also bolstered its business position.  IonQ’s unique linear ion chains enable it to surpass 100 qubits, expand its customer base, and reduce errors in quantum computing compared to its competitors (read more: Is IonQ a Better Quantum Computing Stock to Buy Than D-Wave?). Both D-Wave Quantum and IonQ have a Zacks Rank #2 (Buy). The expected earnings growth rate for D-Wave Quantum and IonQ is 72% and 69.9%, respectively, for the current year. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here. 5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report Defiance Quantum ETF (QTUM): ETF Research Reports IonQ, Inc. (IONQ): Free Stock Analysis Report D-Wave Quantum Inc. (QBTS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks