Quantum computing will bring about the next computing revolution that will overshadow the prescient artificial intelligence (AI) craze. There are certain kinds of problems that are effectively impossible or inefficient for conventional, classical computers to solve, but not for quantum computers. This has led many investors to seek out the best quantum computing stocks to buy.

Novel quantum computers can be a gamechanger in terms of current cryptography methods and could also allow for the introduction of completely private communication. Complex problems in optimization, machine learning and simulation will also become solvable with quantum computing.

Investors who are already looking for the next market sensation are considering a few names in the nascent quantum computing space. Wall Street has caught wind of some of the quantum computing names that could make successful plays in the long term. Below are three such quantum computing stocks.

International Business Machines (IBM)

International Business Machines (NYSE:IBM), one of the most established companies in the tech industry, has been working on quantum computers since the early 2000s. For example, in 2001, IBM researchers had already been performing quantum computing techniques to solve cryptography problems. IBM’s quantum computer consists of superconducting qubits that operate at near-zero temperatures. The tech giant also offers a cloud-based quantum computing service called IBM Quantum Experience, which allows customers and researchers to access its quantum hardware and software through the cloud rather than spending a lot of cash to buy a physical quantum computer.

In recent years, IBM has endured single-digit revenue growth, including in 2023, but the tech giant has continued to beat estimates in their recent Q4’2023 earnings report. Both revenue and earnings figures came above what Wall Street analysts had projected; IBM also found itself flush with more free cash flow than it had anticipated. More breakthroughs in quantum computing could spur revenue growth in the future. IBM expects to it won’t have a practical quantum computer until the end of the decade, which makes IBM a compelling long-term hold.

IonQ (IONQ)

IonQ (NYSE:IONQ) happens to be the first pure-play among publicly traded quantum computing stocks and it will be the only pure-play quantum computing player to make this list. The company is a leader in trapped-ion quantum computing, which uses electrically charged atoms to store and manipulate qubits.

To date, the company claims to have built the world’s most powerful quantum computer which has achieved a quantum capacity 32 qubits. IonQ plans to launch modular quantum computers by the end of 2023. To make the computing power of its quantum computers more accessible, IonQ has made its quantum computing power accessible to customers and developers through large cloud platforms.

IonQ ended 2023 with another successful quarter. Fourth-quarter earnings results saw the quantum computing firm generate full-year revenue figures well above the high end of its guidance range. This was the same for bookings. IonQ also announced the production of its Enterprise Forte quantum computer in its Seattle manufacturing facility. Deliveries for these quantum systems are slated for the end of 2024.

IonQ’s shares are down almost 25% on a year-to-date basis, which could make a good entry point for new investors or investors willing to increase their investment. Quantum computing, similar to generative AI, has the potential to be the next big thing in technology, and IonQ is at the forefront of the space. You can see why this made our list of the best quantum computing stocks to buy.

Alphabet (GOOG, GOOGL)

Flush with cash, Alphabet (NASDAQ:GOOG, GOOGL) has made a variety of investments in various computing technologies over the past two decades. The company also has been developing quantum computers since 2006 and achieved a milestone in 2019 when it demonstrated “quantum supremacy,” or the ability of a quantum computer to perform a task that is impossible for a classical computer.

Google’s quantum computer, called Sycamore, used 54 qubits to perform a calculation in 200 seconds that would take a supercomputer much longer to complete. Although some researchers have claimed to be able to do what Google’s Sycamore had done by using a normal supercomputer, Google is continuously working on improving its quantum hardware, software and algorithms. And the results are promising. The new version of Sycamore apparently can make calculations that would take supercomputers 47 years to complete.

In order to bring about more use-cases for quantum computing, Google has launched a 3-year competition with a $5 million prize for researchers who can come up with new quantum algorithms that can solve existing problems humanity faces. This kind of investment could definitely help steer the new sector in the right direction.

In its Q4’2023 earnings report, cloud continued to be the company’s growth engine, growing 26% on a year over year (YOY). In the long term, quantum computing could be an even bigger growth engine for Google. If you are looking for the best quantum computing stocks to buy, start here.

On the date of publication, Tyrik Torres 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.