Quantum computing and generative AI stocks have investors very interested at the moment due to their innovation and being on the cutting edge of technological capabilities; investors see the massive growth potential with all these reasonably new technology companies. Some of the largest companies have dedicated quantum computing segments to their business, including Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Alphabet (NASDAQ:GOOGL). This has led to the rise of cheap quantum computing stocks.
Quantum computing helps to develop much more efficient methods of problem-solving than normal computing using quantum mechanics. Below I will discuss three companies that focus heavily on quantum computing that provide upside potential for investors looking for cheap companies to get into before it’s too late.
IonQ (NYSE:IONQ), headquartered in College Park, Maryland, is a company that produces quantum computing systems. They are the only company to provide quantum computing technology through the cloud on Amazon Web Services, Google Cloud, and Microsoft Azure. Their product list includes the IONQ Harmony, created in 2020; IONQ Aria, created in 2022; and IONQ Forte, predicted to be released later this year. They all offer a wide range of quantum computing capabilities through the cloud. All in all, it’s one of those cheap quantum computing stocks to consider.
IONQ has been one of the most famous quantum computing stocks lately. The company’s share price is up 474% year-to-date. This is due to a number of factors, one being that they recently signed a contract with the South Korean Ministry of Science to help promote their quantum computing ecosystem.
The company also stated in June that bookings for the year 2023 are projected to double from the year before, within a range of $45-55 million. All eyes will be on their following earnings report, which is expected to be released on August 10.
Quantum Computing (QUBT)
Quantum Computing (NASDAQ:QUBT), located in Leesburg, Virginia, is a company that provides quantum computing processing units such as the Entropy Quantum Computer and software called Qatalyst, which is a cloud-based service that helps optimize quantum computing. Their services are used by other quantum computing companies, such as IONQ, Rigetti Computing (NASDAQ:RGTI), and government agencies. This means it’s one of those cheap quantum computing stocks that you should buy today.
In the last month, the company’s share price has increased by 2% year-to-date and is up 20% over the previous month. On July 13, Quantum Computing was given a subcontract through the Bay Area Environmental Research Institute (BAERI) to help support NASA Ames. This photonic sensor instrument measures atmospheric particles. This is their third NASA subcontract.
Last month the company also launched its new Quantum Photonic Vibrometer, an instrument that helps detect remote vibrations and allows inspecting objects from great distances. The company stated in its most recent earnings release that total revenue nearly quadrupled to $121 thousand, and its net loss expanded to $8.5 million compared to the year before.
D-Wave Quantum (QBTS)
D-Wave Quantum (NYSE:QBTS) is a Canadian-based company that provides quantum computing software and services. They offer multiple different products such as Advantage, which is their flagship quantum computer, Leap, which is a cloud computing software; and Ocean which uses open-source Python tools.
D-Wave released a preliminary report for second-quarter revenue and bookings on July 20. with revenue expected to come in anywhere between $1.65 million to $1.8 million, and total booking for the company rose by over 146% compared to the year before.
Year-to-date, the company’s share price has risen by 88%. On July 27, D-Wave Systems announced a collaboration with the Institute of Quantum Computing (IQC) in Waterloo, Ontario, to establish a more robust quantum computing research program. And on August 1, the company announced a time change to its second-quarter earnings report release, which was moved from after market close on August 10 to before market open on August 10. Following this news, its stock price surged by 29% by the end of the day.
On the date of publication, Noah Bolton 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.