Key Points
Artificial intelligence (AI) investing may be the current hot tech trend, but there’s another important one already on the horizon that could make a big splash a couple of years from now: quantum computing. Quantum computing could unlock capabilities previously thought impossible and lead to a new generation of breakthroughs in multiple sectors.
While there are several companies involved in quantum computing, two of my favorites are IonQ (NYSE: IONQ) and D-Wave Quantum (NYSE: QBTS). These two are smaller pure plays, and if their stocks pan out, they could deliver millionaire-maker returns.
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Each company has a unique approach to quantum computing
There isn’t one accepted way to perform quantum computing. There are several different options, which is what makes investing in this space so difficult. Each approach has its benefits and drawbacks; the question becomes which techniques compromise too much?
The biggest issue quantum computing faces right now is accuracy. Quantum computers aren’t accurate enough to deliver actionable insights, and trusting their outputs isn’t a smart move. However, each company is racing toward making the most accurate quantum computer possible.
IonQ is leading the way in accuracy and has achieved a 99.99% 2-qubit gate fidelity score. This means their computer makes one error out of every 10,000 operations, which is quite impressive — until you realize how many operations a traditional computer does every second. IonQ will need to continue increasing this score to make its product commercially viable, but with it leading the industry right now, it’s in a great position to capture early market share.
D-Wave Quantum isn’t trying to build a general-purpose quantum computer like IonQ. Instead, it’s developing a quantum annealing device that helps companies solve optimization problems. The concept is relatively simple: The lowest energy state of the system represents the ideal answer, and this technique can be utilized in logistics networks, weather modeling, and AI training and inference.
D-Wave Quantum’s products are expected to be popular in industry-specific applications. They may not have as widespread a use as IonQ’s platform, but it’s still a worthy long-shot investment.
Both stocks could grow massively if their approach turns out to be a winning one. McKinsey & Company estimates that $72 billion will be spent annually on quantum computing by 2035. That’s a huge market that hasn’t appeared yet, and if IonQ and D-Wave can capture a healthy chunk of that, their stocks could deliver outsized returns.
However, it’s also possible that they don’t deliver on expectations, and the stock goes to $0. That’s the reality with these high-risk, high-reward investments, and investors must know that going in. Still, I think each of these deserves a position in your aggressive segment of a portfolio, as they could boost your returns if one of them pans out.
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Keithen Drury has positions in IonQ. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
