If you're familiar with technology and the stock market, chances are, you've heard of quantum computing stocks. For the most part, it's an emerging industry in the technology industry. This is mainly contributed to quantum computers offering computational power that is 100 million times faster than regular computers today. In detail, this difference in performance comes from the core operating components within both machines. Specifically, quantum computers depend on qubits, while regular computers still process data in terms of 1's and 0's. As a result of this, some are calling quantum computing the latest frontier in the tech space today.
Therefore, top quantum computing stocks are great interest to investors. However, quantum computing is still in its early stages, and there are many unknowns about the industry. For example, it is not yet clear what applications quantum computers will be best suited for. As a result, investing in quantum computing stocks is a high-risk bet. But for investors who are willing to take on that risk, quantum computing could offer high rewards.
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: IONQ) would be on watch. Having read this far, you might be keen on quantum computing stocks yourself. Should that be the case, here are three to check out in the stock market this week.
Quantum Computing Stocks To Watch This Week
- Nvidia Corporation (NASDAQ: NVDA)
- Alphabet Inc. (NASDAQ: GOOGL)
- Applied Materials Inc. (NASDAQ: AMAT)
Nvidia Corporation (NASDAQ: NVDA)
First up, we have NVIDIA, a multinational tech company that sells its graphics processing unit (GPU) and tech services. In fact, NVIDIA is a pioneer of GPUs and has pretty much driven the growth of high-performance computing and artificial intelligence (AI). Also, the company pioneered work in accelerated computing that has helped change trillion-dollar industries. For example, health care, finance, and logistics. In July, NVIDIA announced its hybrid quantum-classical computing platform.
In detail, the unified computing platform helps speed up breakthroughs within quantum research. As well as development across a variety of industries. This includes artificial intelligence, health, finance, and more. "Scientific breakthroughs can occur in the near term with hybrid solutions combining classical computing and quantum computing," stated Tim Costa, director of HPC and Quantum Computing Products at NVIDIA. "QODA will revolutionize quantum computing by giving developers a powerful and productive programming model." Having read this, do you think NVDA is a top quantum computing stock to watch this week?
Alphabet (NASDAQ: GOOGL)
Next up, we have Alphabet. Like many other tech companies, Google is also hard at work on the quantum computing front. Despite, its large consumer-focused portfolio, the company also specializes in data management. Given the company's success with its Google Drive and Google Cloud divisions, this seems obvious. The tech giant is also using quantum computing to improve and enhance its artificial intelligence division.
Furthermore, its Google AI Quantum is built on the back of a state-of-the-art 54-qubit processor branded Sycamore. This is sometimes referred to as the leading quantum computing project in the world. In detail, Sycamore performed a calculation in 200 seconds. Why does that matter? In the report it displayed it would have taken the world's most powerful supercomputers 10,000 years to accomplish.
The truth is, that Alphabet has potentially built the world's leading quantum computer. This will help boost Sycamore's computing power. Also, through its Google Cloud business, Alphabet can help turn Sycamore into the market leader in quantum computing as a service business, which has big potential to add revenue at scale for the company. As the company continues to push the boundaries of quantum computing, would you add GOOGL stock to your list of right now?
Applied Materials Inc. (NASDAQ: AMAT)
Last up, we have Applied Materials (AMAT). In brief, the company specializes in materials engineering solutions. These are used to produce essentially every new chip, and advanced display worldwide. The company's specialty in modifying materials at the atomic levels and on an industrial scale allows customers to in turn advance their own products and technologies.
With the various applications in quantum computing and challenges that come along with this industry, advancements in materials engineering can help companies face these challenges. In light of this, Applied Materials could play a top quantum computing stock to keep an eye on right now. Shares of AMAT stock currently trade at $101.67 per share to close out Friday's trading session.