Shares of Quantum Computing (NASDAQ: QUBT) soared higher this week. The company’s stock jumped 7.3% as of 1:09 p.m. ET on Friday, but gained as much as 9.8% earlier in the week. The rise comes as the S&P 500 (SNPINDEX: ^GSPC) lost 2.5% and the Nasdaq-100 lost 2.2%.
A string of positive news from other quantum companies boosted the company’s stock. This comes on the heels of the company’s earnings release late last week that showed a profitable quarter.
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A new quantum computer and a bold vision is lifting all quantum boats
Given that the technology is in its infancy, investors have, by and large, been rewarding all quantum stocks when there is positive news from any one company.
Early this week, fellow quantum computing company D-Wave announced its newest and most advanced computer, Advantage2, was available for use via the cloud. Then, on Thursday, IonQ CEO Niccolo de Masi told Barron’s that he sees his company as the “Nvidia” of quantum, saying quantum companies are “in the business of quantum just like Nvidia and Broadcom are in the business of classical GPUs,” adding, “I believe IonQ will be the Nvidia player.”
While it’s not unusual for CEOs to make bold claims, the comparison was a compelling one, leading to a rally across the sector.
Image source: Getty Images.
A long way to go
While there are positive developments here, quantum computing is many years away from real viability in commercial applications. It will be a long time before any company can produce a solution that is robust, powerful, and stable enough to generate a return on investment.
Quantum Computing’s technology shows promise, but it is too early to tell which approach and companies will succeed. If you have a particularly high risk tolerance and the ability to wait a decade or more for your investment to pay off, Quantum Computing is a solid addition to your portfolio, but you should look to spread your quantum investment around to many companies in the space.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
