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Should Investors Be Buying These Top Quantum Computing Stocks This Week?

If you have been keeping up with the latest stock market news, chances are, you’ve heard of quantum computing stocks. For the most part, it is an up-and-coming industry in the field of tech today. This is mainly thanks to quantum computers offering computational power that is 100 million times faster than regular computers today. In detail, this difference in performance stems from the core operating components within both machines. Namely, quantum computers rely on qubits, while regular computers still process data in terms of 1’s and 0’s. Because of all this, some are considering quantum computing the latest frontier in the tech world now.

Without going too much into the details, things could be heating up in the quantum computing industry this week. Over the weekend, quantum engineers from the University of New South Wales (UNSW) Sydney made a breakthrough discovery. In a nutshell, the engineers discovered a means of allowing quantum computers to control up to millions of qubits. Why is this important? Well, as it stands, quantum computers are already running laps around today’s supercomputers while only controlling a handful of qubits. With the growing importance of quantum computing across a variety of massive industries in the world today, this is a thrilling discovery.

In theory, all this could provide the industry with significantly more room to grow in the long run. As a result, quantum computing stocks such as Honeywell (NASDAQ: HON) and IonQ (NYSE: DMYI) would be in focus. Having read this far, you might be interested in the industry yourself. Should that be the case, here are four to watch in the stock market this week.

Best Quantum Computing Stocks To Buy [Or Sell] Now

Nvidia Corporation

Nvidia is a multinational tech company that is synonymous with the graphics processing unit (GPU) market. To achieve the potential quantum computing has on a practical scale, researchers and developers are simulating quantum circuits on classical computers. Through Nvidia cuQuantum, developers can speed up quantum circuits simulations based on tensor network methods and state vectors. NVDA stock currently trades at $202.18 as of 9:33 a.m. ET and is up by over 60% in the past year alone.

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The company will be announcing its second-quarter financials on Wednesday, August 18, 2021, after the market closes. In light of that, Nvidia has had an amazing first quarter so far. Firstly, the company reported a record revenue of $5.66 billion, an 84% jump from a year earlier. Both its Gaming and Data Center revenue was at $2.76 billion and $2.05 billion respectively.

Given how its Data Center business continues to expand, more industries are utilizing NVIDIA AI. Secondly, net income for the quarter was $1.91 billion, or a diluted earnings per share of $3.303, more than doubling in the past year. All things considered, will you buy NVDA stock?

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Next on this list, we have Amazon, a tech company that boasts one of the biggest online marketplaces in the world. Its AI and cloud computing business has been gaining momentum in the past few years. The company has also been investing in the quantum computing space. Through its Amazon Braket, it is a fully managed quantum computing service that helps researchers and developers to get started with the technology to accelerate R&D. AMZN stock currently trades at $3,263,83 as of 9:51 a.m. ET.

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Last week, the company announced that it has expanded investments in Florida with six new buildings to support operations closer to customers. The new robotics fulfillment center and five new delivery stations are expected to create more than 2,000 full-time jobs.

Amazon also recently announced that Wyndham Hotels & Resorts (NYSE: WH), one of the world’s largest hotel franchising companies, has selected Amazon Web Services to upgrade its technology infrastructure and develop and deliver new guest services across its 21 hotel brands. With this exciting news surrounding Amazon, will you consider adding AMZN stock to your portfolio of quantum computing stocks?

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

Applied Materials Inc.

Moving on, we have Applied Materials, an industry leader in materials engineering solutions that are used to produce virtually every new chip and advanced display in the world. The company’s expertise in modifying materials at the atomic levels and on an industrial scale enables customers to in turn advance their own products and technologies.

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Given the various applications in quantum computing and challenges in addressing this field, advancements in materials engineering can help address the challenges faced. For this reason, Applied Materials will play a key role in the industry. AMAT stock currently trades $130.83 as of 10:05 a.m. ET.

Last month, the company posted in a blog post that leading chipmakers are aiming to make new fabs more sustainable, given the silicon shortage that has plagued the world in the last year. The company says that it will continue to support this sustainability-minded capacity expansion. For instance, Taiwan Semiconductor Manufacturing Company (NYSE: TSM) recently published a case study about its work with Applied Materials to implement iSystem. The resulting solution saved 13.4 million kilowatt-hours of electricity annually while reducing carbon emissions by 13,800 tons. With that in mind, will you consider AMAT stock a buy right now?

[Read More] What Are The Best Stocks To Invest In? 5 EV Stocks To Watch Now

International Business Machines Corporation

Last but not least, we will be taking a look at the International Business Machines Corporation, or IBM for short. By and large, this tech industry goliath needs no introduction among tech investors today. This would be the case as the company boasts a massive industry-leading portfolio in the tech world. Whether it is cloud computing, cybersecurity, or IT infrastructure, IBM is hard at work pushing boundaries. Likewise, the company is also the leading presence in the quantum computing business today. As such, it would make sense that IBM stock is taking center stage in the stock market this week.

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Now, the company’s shares currently trade at $143.39 as of 10:19 a.m. ET. Given the current market conditions, could it still have room to run? If anything, IBM does not appear to be slowing down anytime soon. For starters, the company recently launched one of its latest quantum computers in Japan.

Through its Quantum System One, IBM’s machine now maintains Japan’s most powerful computer. Aside from bolstering quantum research internationally, IBM continues to push boundaries elsewhere as well. As of last week, the company is currently working with Verizon (NYSE: VZ) testing next-gen 5G capabilities in Texas. All in all, would you consider IBM stock a top buy now?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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