The prospect of millionaire-maker quantum stocks might not be as far-fetched as one would’ve thought. In the rapidly developing field of quantum computing, we could be at the precipice of a seismic shift.
This technology has the potential to process data faster and more efficiently than any classical computer, opening up a plethora of opportunities.
As 2023 unfolds, quantum computing is not just a buzzword but a reality, gaining commercial traction. This recognition of its transformative power drives massive growth in the market where private investments have swelled, setting the stage for a significant market expansion.
According to Markets and Markets, the global quantum computing market is projected to grow at a compound annual growth rate (CAGR) of 38.3% from 2023 to 2028.
However, given this sector’s palpable excitement and potential, it could easily blow past these estimates propelling quantum computing stocks to buy.
Let’s explore the best millionaire-maker quantum stocks to buy with high returns that might transform your portfolio.
IonQ (NYSE:IONQ) has been confidently etching its name in the high-stakes quantum computing realm. Microsoft (NASDAQ:MSFT) recently integrated its technological marvel, IonQ Aria, a next-gen quantum computing system, with its Azure Quantum platform.
Moreover, the firm also partnered with retail giant Amazon to integrate the 25 qubits IonQ Aria into the Amazon Braket, Amazon’s dedicated quantum computing web service. This partnership effectively paves the way for Amazon to develop software and services on IonQ’s computing platform, which is a major growth catalyst for the emerging business.
Furthermore, IonQ raked in $4.3 million in sales during the first quarter, dramatically surpassing the $2 million it reported in the same quarter last year. Despite posting a sizeable loss during the quarter, IonQ remains buoyed by its robust liquidity positioning with more than $500 million in cash reserves.
Nvidia (NASDAQ:NVDA) has its tentacles in various tech verticals, and quantum computing is no different. Its robust earnings and hype around AI have boosted its standing, but the quantum computing sector could be an area that might pack the biggest punch.
Nvidia’s DGX Quantum computing system marries the company’s GPUs and quantum computing capabilities. The system draws upon the power of Nvidia’s Grace Hopper Superchip, providing researchers with a tool for creating powerful applications. The integration of this super chip facilitates several features, including calibration, quantum error correction, and hybrid algorithms.
Let’s not forget Nvidia’s cuQuantum, an optimized software development kit (SDK) to turbocharge quantum computing workflows. Developers can harness cuQuantum to enhance quantum circuit simulations exponentially. Therefore, without Nvidia’s trailblazing tech, advances in quantum computing, AI, and other scientific domains would be a distant dream.
Google’s parent company, Alphabet (NASDAQ:GOOG), has made some impressive inroads in the quantum computing landscape.
The 2018 unveiling of Bristlecone, a quantum processor packing a formidable 72 qubits, is a testament to its advancement in the niche.
Alphabet has crafted a dedicated private entity focusing on its quantum computing and AI endeavors.
Alphabet’s engineers unveiled an achievement that could reshape the quantum computing industry.
The firm demonstrated that its quantum processor could reduce common quantum computing errors by amplifying the number of qubits used in computations. This milestone underscores its dedication to pushing the quantum computing sphere further.
CEO Sundar Pichai has expressed excitement for quantum computing comparable to his early fascination with AI, viewing technology as a new realm of possibilities that could potentially transform our understanding of the universe.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines