Last year Nvidia (NASDAQ:NVDA) became a Wall Street superstar as the market for artificial intelligence chips exploded. IonQ (NYSE:IONQ) doesn’t make AI chips, but it could be the next tech-market superstar. If you want to ride the rocket to the top, now is the time to take a position in IONQ stock.
Much like OpenAI’s ChatGPT changed the game in the world of generative AI, IonQ seeks to have a ChatGPT moment in the world of quantum computing. Sure, there’s some risk involved for investors as the future of quantum computing is unknown. A small, speculative position in IonQ could provide multi-bagger returns in the long run.
Get Direct Exposure to Quantum Computing With IONQ Stock
Here’s a quick rundown of the company. Headquartered in Maryland, IonQ develops ultra-powerful supercomputers. Granted, there are other publicly traded companies that have some involvement in quantum computing.
Take IBM (NYSE:IBM) as an example. This famous company is making a push into quantum computing. But of course, that’s just one part of IBM’s business. The company isn’t entirely immersed in quantum computing like IonQ is.
Fast Company recently added IonQ to its annual list of the Next Big Things in Tech. Could quantum computing generally, and IonQ specifically, be the next big thing in technology in 2024 and 2025?
There’s no guarantee, but I believe IonQ could become a darling of the market in the coming quarters. IonQ is busy developing next-generation supercomputers and even has an agreement with the Air Force Research Lab. Truly, this company has the potential to become a celebrity on Wall Street someday.
IonQ’s Impressive Top-Line Growth and Amazon Connection
Besides the AFRL agreement, there’s more good news to report with IonQ. For one thing, IonQ’s top-line growth is quite impressive.
Specifically, IonQ generated revenue of $6.1 million in 2023’s third quarter. This represents 122% growth on a year-over-year basis. So, investors might forgive IonQ for being unprofitable.
Additionally, IonQ’s Forte quantum computer is now available through an Amazon (NASDAQ:AMZN) hosted program called the Braket Direct program. IonQ describes this program as a “fully managed quantum computing service from Amazon Web Services (AWS).”
This is a major coup for IonQ as the Braket Direct listing should provide widespread exposure for IonQ’s Forte quantum computer. Besides, having an Amazon connection is almost always a win, and this could significantly boost IonQ’s top-line results.
Prepare for Big Moves With IONQ Stock
Investing in IonQ involves some risk because there’s no crystal ball to predict the future of quantum computing. However, having an Amazon connection and fast-growing revenue should mitigate IonQ’s risks somewhat.
In the final analysis, it makes sense to take a small position in IONQ stock and hold it for at least a couple of years. If IonQ becomes the next big thing like Nvidia did in 2023, you’ll be glad that you invested early.
On the date of publication, David Moadel 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.
