The introduction of Google’s (GOOGL) quantum computing chip Willow has created a stir in the quantum computing industry. The tech giant has hailed the chip as a “breakthrough” in the field. Following the announcement, quantum computing stocks, including D-Wave Quantum (QBTS), Quantum Corp (QMCO), Arqit Quantum (ARQQ), and Rigetti Computing (RGTI), were trading higher in pre-market trading on Wednesday.
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GOOGL described the semiconductor as capable of reducing errors “exponentially” as the number of qubits increases. In quantum computing, qubits—short for quantum bits—are the fundamental units used to encode and process data in quantum computers. Interestingly, the unveiling of GOOGL’s Willow chip has also sparked concerns about whether such technology could crack Bitcoin’s encryption.
Quantum Computing Has Created a Buzz Among Investors
While the promise of quantum computing is immense, its practical applications remain largely theoretical for now. Despite this, quantum computing has caught the eye of prominent investors, including hedge fund manager Eric Jackson of EMJ Capital.
In fact, Jackson posted on the social media platform X that “Quantum Computing is the next theme taking off after Crypto and AI.” Jackson is particularly optimistic about Rigetti Computing. He revealed a long position in the stock, pointing to its “big opportunity” in the quantum space despite its modest $1 billion market capitalization.
What Is the Best Quantum Stock to Buy?
For investors interested in quantum computing stocks, we have compared three stocks using the TipRanks Stocks Comparison tool. This comparison shows that analysts are bullish on QBTS and RGTI stock, with a Strong Buy consensus rating.
