Quantum computing stocks like IonQ (IONQ) have seen a surge in investor interest, according to stock brokerage Interactive Brokers (IBKR). IonQ and D-Wave Quantum (QBTS) climbed into the platform’s top 25 most active stocks despite both plummeting over 30% last Wednesday. Rigetti Computing (RGTI), which held the third spot on the list, also dropped 45% during the same session. Chief strategist Steve Sosnick noted that the volatility and high trading volume made these stocks tempting for active traders, even if “buying the dip” may feel like trying to catch a falling knife.
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The sharp decline followed Nvidia (NVDA) CEO Jensen Huang’s remarks at CES, where he downplayed the near-term potential of quantum computing by saying that “very useful” quantum computers are still a decade away. Sosnick emphasized Huang’s influence in tech investing, which played a role in dampening sentiment. Previously, quantum stocks had rallied after Alphabet (GOOGL) revealed its Willow quantum chip, though the company didn’t specify a commercial timeline.
Despite the dip, quantum stocks bounced back, with IonQ gaining after announcing a $1B quantum initiative with the state of Maryland. Rigetti and D-Wave also surged after B. Riley Securities reaffirmed their Buy ratings and raised price targets. Meanwhile, Nvidia reclaimed the top spot on Interactive Brokers’ activity list, with strong net buying during a lackluster week for its stock. The company also revealed plans to spotlight quantum computing at its upcoming GTC AI conference.
What Is the Best Quantum Computing Stock?
Turning to Wall Street, out of the stocks mentioned above, analysts think that NVDA stock has the most room to run. In fact, NVDA’s average price target of $177.63 per share implies more than 32% upside potential. On the other hand, analysts expect the least from RGTI stock, as its average price target of $6.10 equates to a loss of over 38%.
