a close up image of a semiconductor

3 Quantum Computing Stocks That Will Skyrocket Before 2024

Quantum computing is a field of technology that uses superposition to accelerate the speed of computation. Stocks in the sector are inherently attractive as our digitized world benefits from any increase in the speed at which calculations are performed.

Quantum mechanics deals with small-scale matter in which physical properties change. Matter has characteristics of both particles and waves. Quantum computing takes advantage of special hardware to take advantage of these properties and increase computational speed. Increasing the speed of computation is increasingly important, especially as we enter the age of artificial intelligence, which requires us to process larger amounts of data.

Let’s take a look at some stocks best positioned to take advantage of the rise of quantum computing.

Form Factor (FORM)

a close up image of a semiconductor

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Form factor (NASDAQ:MODULE) is a semiconductor stock that also touches the quantum computing industry. The company provides test and measurement solutions. Much of what the company does focuses on the stage where chips are still on a wafer before packaging.

It operates through a Probe Cards segment and a Systems segment. Probe cards are interfaces that allow chip function to be tested while the chips are still on the wafer prior to packaging. The Systems segment of FormFactor does a similar job.

The latter segment was particularly strong and boasted near-record revenues and gross margins. Overall revenue of $167.4 million was also above the expected range. FormFactor doesn’t expect very high growth in Q2, but that’s not a big deal.

The company was chosen as one of EPIC’s six outstanding suppliers intel (NASDAQ:INTC) within a supply that includes thousands of other suppliers.

Intel recently released a quantum computing chip expected to advance spin qubit research, which could power future scalable quantum computers. FormFactor, a reputable vendor, has excellent growth potential this year.

IonQ (IONQ)

A conceptual image of a processor representing quantum computing.  IONQ title

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ionQ (NYSE:IONQ extension) stocks have performed dramatically this year. That run saw the company’s stock jump from under $4 to over $14. The stock is above the levels it reached when the company publicly debuted in 2021, but well below the all-time highs above $30 it made at the end of that year.

Probably the most interesting thing about IonQ is the fact that its quantum hardware is currently the only one available on all major cloud platforms.

In May, Amazon Web Services (AWS) added support for IonQ’s Aria to its quantum computing service, Braket. That service already includes another IonQ device called Harmony. The addition of Aria allows users to compare and contrast both IonQ products via AWS.

IonQ was first made available through Azure Quantum last year. The fact that IonQ first debuted on Azure and more recently AWS speaks volumes about its usefulness. Major cloud players recognize the value, making it entirely possible that IONQ’s shares will skyrocket before 2024.

Nvidia (NVDA)

Nvidia Corporation (NVDA) logo displayed on smartphone with stock market graph background.  Nvidia is a global leader in artificial intelligence hardware and software

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Nvidia (NASDAQ:NVDA extension) stocks are likely to continue to skyrocket in 2023 for many reasons. It just isn’t slowing down despite concerns it’s overvalued, a position that has plagued it since its huge Q2 drive. The company’s second-quarter sales guidance of $11 billion sent shares up $300 to $390 overnight. They’ve increased incrementally to around $460 at the time of writing. Then, they could just keep going with or without the help of quantum computing.

Still, quantum computing certainly holds promise to help propel Nvidia even higher this year. CuQuantum is Nvidia’s software development kit for quantum computing workflows. Its DGX quantum computing system allows researchers to build quantum computing applications and leverages Nvidia GPUs for quantum computing. Nvidia GPUs are the most powerful AI chips available, which means that advances in quantum computing are likely to be directly attributable to Nvidia. This is one of many ways Nvidia can continue to improve its AI prowess even as the naysayers grow louder.

At the date of publication, Alex Sirois did not hold (either directly or indirectly) any position in the securities mentioned in this article. Opinions expressed in this article are those of the writer, subject to InvestorPlace.com posting guidelines.

Alex Sirois is a freelance InvestorPlace contributor whose personal equity investing style centers around long-term, buy-and-hold, wealth-building stock picks. Having worked across industries from e-commerce to translation to education and using his MBA from George Washington University, he brings a diverse set of skills through which his writing filters.

#Quantum #Computing #Stocks #Skyrocket
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