Tech giant Google (GOOGL) is aiming to release commercial quantum computing applications within the next five years, according to Hartmut Neven, head of Google Quantum AI. Interestingly, Google’s focus areas for real-world applications include materials science, drug discovery, and new energy alternatives.
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The promise of quantum computing lies in its ability to process information exponentially faster than traditional computers. It is worth noting that scientists have been exploring quantum computing for decades, and governments and businesses are very interested in its potential to disrupt fields like cybersecurity, finance, and healthcare.
However, Nvidia CEO Jensen Huang sees things differently than Google. In fact, he recently predicted that practical quantum computing applications are about 20 years away. His comments led to a significant decline in market value for quantum computing stocks. However, Google’s advancements, including a recent breakthrough in quantum simulation, suggest that the company is making steady progress toward its goal of commercial quantum computing applications within its five-year target.
Is Google Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GOOGL stock based on 22 Buys and nine Holds assigned in the past three months. After a 33% rally in the past 12 months, the average GOOGL price target of $217.22 per share implies 13.9% upside potential from current levels.
