At the CES 2025, Nvidia CEO Jensen Huang claimed useful Quantum Computing was at least 15 years away. This caused the stock prices of many quantum computing stocks to crash considerably. Considering Jensen Huang’s industry-leading position, the public’s reaction was natural. However, since then, multiple quantum computing firms have disapproved of those remarks, claiming they are building commercially useful quantum computers today!
For context, quantum computing stocks recently took off and enjoyed gains as high as 1000%. Google’s progress on the Willow chip in December also supported this optimism, a moment that could well define the start of the quantum computing era.
We compiled a list of quantum computing stocks challenging Jensen Huang’s stance. To come up with the list, we considered stocks with a market cap of at least $200 million.
5. IonQ (NYSE:IONQ)
IonQ is a quantum computer producer that utilizes ion-trapping technology for the computer’s operations. This tech uses electromagnetic fields to control the movements of charged particles. This makes it more suitable for commercial applications as the tech requires less cooling and more stable qubit manipulation.
IonQ stock is surging higher on the back of some announcements that the company has just made. It plans to expand its headquarters to add more office space, laboratories, and a data center. Over the next 5 years, the company plans to double its employees at the HQ to 250. The plans are dependent on approval from the local government, though Maryland Governor Moore’s words tell us the approval is likely:
With our wealth of talent, federal partners, and the world-class research universities here in Maryland, we have both the opportunity and the responsibility to seize this moment and become the world’s leading hub for quantum innovation.
IonQ stock was trading up over 19% when the market opened.
4. Quantum Computing (NASDAQ:QUBT)
Quantum Computing stock is trading up 33% just after market open. The stock is surging just like the rest of the sector. Quantum Computing Inc. works in quantum optics and nanophotonics technology. The optics deal with the analysis of the relationship between light and matter at a quantum level whereas the nanophotonic technology studies the interaction between the two at the nanoscale.
These technologies may not have been perfected yet, but their real-world uses are quite impressive. They can help with things like precision measurement and secure transfer of information. The company also collaborates with NASA to help with climate exchange monitoring and has a strong relationship with the US Department of Defense, which aims to use the company’s quantum technologies for defense purposes.
3. Arqit Quantum (NASDAQ:ARQQ)
Arqit Quantum is a firm that utilizes quantum computing for cybersecurity. The company works with notable partners like Amazon Web Services and offers its QuantumCloud Platform as a Service, which helps companies generate unbreakable encryption keys. The company’s encryption solution is implemented using software alone, not requiring any hardware to go with it.
It shunned its plans of operating its service through satellite link and is focused on just the software offering alone at the moment. The company is not profitable and also losing cash at a fast pace. Traders who want to enter the rally would be better off booking timely profits, as the fundamentals of this stock aren’t as strong as the other quantum computing stocks. The stock is up over 30% at market open and continues to surge higher.
2. Rigetti Computing (NASDAQ:RGTI)
Rigetti Computing designs and manufactures quantum processors and software tools that are instrumental in running quantum applications today. The company helps other firms seamlessly integrate quantum computing power into their existing infrastructure. RGTI also offers quantum cloud services, which allow its clients to access the power of quantum computing without having to build the hardware themselves.
RGTI generates over 90% of its revenue from customers looking to utilize this quantum computing power through the company’s cloud offerings. RGTI is one of those companies that continue to power real-world applications through their cloud services. If there was ever a quantum computing company that wanted to show Nvidia’s CEO what useful quantum computing looked like, it would be Rigetti Computing.
The company’s stock is up 18% and could run higher as the trading day progresses.
1. D-Wave Quantum (NYSE:QBTS)
D-Wave Quantum’s stock is up over 24% at market open. The news of its partnership with Carahsoft Technology is sending the stock higher. The partnership involves accelerating the adoption of quantum computers and their solutions at both the government and public sector levels.
QBTS CEO Alan Baratz has responded to Jensen Huang’s comments by saying that quantum computing applications are real today, and not over a decade away:
We have customers that are using our quantum computers today in support of their business operations, and we have demonstrated the ability to solve important problems in the area of material simulation on our quantum computers today in minutes.
He is not wrong. What would take today’s normal computers (including ones powered by Nvidia!) millions of years to compute is being done today in minutes thanks to quantum computing. The technology has evolved and the stock price is showing the optimism people share with the QBTS CEO.
D-Wave Quantum is not on our latest list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held QBTS at the end of the third quarter which was 8 in the previous quarter. While we acknowledge the potential of QBTS as a leading investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as QBTS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article was originally published at Insider Monkey.
