Top Quantum Computing Stocks To Watch This Week

Quantum computing stocks have been on the rise in the stock market in the past few years. But first, you need to know what quantum computing is. Basically, it is an area of computing focused on developing computer technology based on the principles of quantum theory. Computers used today can only encode information in bits that take the value of 1 or 0, which restricts their ability. In essence, quantum computers are created to solve complex problems that even the most powerful supercomputers are not able to solve. Now, some of you may ask, why do we need quantum computing? Well, as technology advances, the problems encountered are also getting more complex.

This has led some of the biggest tech giants such as Alphabet Inc (NASDAQ: GOOGL) and, Inc (NASDAQ: AMZN) to work on the technology. According to research by BCG, we would see productivity gains by utilizing quantum computing surpass $450 billion annually in terms of cost savings and revenue opportunities. These are exciting times as quantum computing is no longer just a working theory. In fact, it is now being used by many big businesses to improve their services and products. With that in mind, do you have a list of the top quantum computing stocks in the stock market today?

Quantum Computing Stocks To Watch Now

Micron Technology, Inc

First, on the list, we have the semiconductor company, Micron. The company’s portfolio of memory technologies includes dynamic random-access memory (DRAM), negative-AND Flash, and NOR Flash. These are the basis for solid-state drives, modules, multi-chip packages, and other system solutions. It is safe to say that MU stock has been trading sideways since the start of the year. However, it may have gone unnoticed that the stock still saw gains of more than 60% over the past year. 

Given that the company is scheduled to report its third-quarter earnings report on June 30, let us take this opportunity to review its recent financials. During the second quarter, the company posted revenue of $6.24 billion, an increase of 30% from the prior-year quarter. On top of that, its net income increased 49% to $603 million. Hence, investors will be keen to see if the company could meet the revenue guidance of $7.1 billion for the third quarter, representing a growth of nearly 14%. 

Earlier this month, Micron unveiled memory and storage innovations across its portfolio. The new portfolio additions are based on its industry-leading 176-layer NAND and 1α (1-alpha) DRAM technology, as well as the industry’s first Universal Flash Storage (UFS) 3.1. Together, these latest releases reinforce Micron’s leadership position in both DRAM and NAND technology. Hence, would you invest in MU stock ahead of its earnings report?

quantum computing stocks (MU stock)
Source: TD Ameritrade TOS

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

NXP Semiconductors 

Next, we have the Dutch semiconductor company, NXP. Its product solutions are used in a range of end-market applications, including automotive, personal security and identification, wireless and wireline infrastructure, mobile communications, multi-market industrial, consumer, and computing. It engages with global original equipment manufacturers (OEMs) and sells products in all geographic regions. NXPI stock has quietly risen by over 80% over the past year.

Last week, the company announced that it now offers beta Ultra-Wideband (UWB) development tools from its NXP Trimension™ portfolio that interoperate with the U1 chip in supported Apple products. This will allow developers to kick-start the design of innovative applications that interact with UWB-enabled Apple products. Thus, unleashing the ability to create more precise, directionally aware app experiences.

Furthermore, the company along with Taiwan Semiconductor Manufacturing Co. Ltd (NYSE: TSM) announced the release of NXP’s S32G2 vehicle network processors and the S32R294 radar processor into volume production on TSMC’s advanced 16 nanometers (nm) FinFET process technology. With NXP’s processors, it could be a milestone in turning cars into intelligent, connected robots on wheels that are safe, and secure. All things considered, would you add NXPI stock to your watchlist? 

top quantum computing stocks (NXPI stock)
Source: TD Ameritrade TOS

[Read more] Best Stocks To Invest In 2021? 3 Cyclical Stocks To Watch

International Business Machines Corporation 

Following that, we have one of the forefronts of quantum computing, International Business Machines (IBM). As some of you may be aware, the company is one of the pioneers in the computing industry. The company has a quantum computing division which is known as IBM Quantum which helps clients gain quantum computing skills. In fact, its Quantum Network has already partnered with large corporations such as Daimler, Paypal Holdings Inc (NASDAQ: PYPL), and many more.  

Earlier this month, the Science Minister of the United Kingdom unveiled a five-year, $296 million partnership with IBM. It aims to support businesses and the public sector by adopting innovative new technologies such as artificial intelligence (AI) and quantum computing. Therefore, this collaboration will enhance productivity, boost regional and national economic growth, and even create new skilled jobs. 

On top of that, there will be an additional 60 new scientists, interns, and students joining the IBM Research and Hartree Centre. The Hartree National Centre for Digital Innovation (HNCDI) is a joint program between IBM and the UK Research and Innovation’s Science and Technology Facilities Council (STFC). From this, we can see there is widespread adoption of quantum computing even from governments and large corporations alike. So, would you consider IBM stock a top quantum computing stock to buy now?

best quantum computing stocks (IBM stock)
Source: TD Ameritrade TOS

[Read More] 4 Semiconductor Stocks To Watch Right Now

Applied Materials, Inc

Another company that plays a part in the future of quantum computing would be Applied Materials. Essentially, the company provides manufacturing equipment, services, and software to the global semiconductor, display, and related industries. The company caters to tech giants such as Taiwan Semiconductor and Samsung (OTCMKTS: SSLNF). If you had invested in the company stock a year ago, you would’ve seen gains of over 135%. 

In May, the company reported its second-quarter earnings report. Its revenue came in at $5.58 billion, up by 41% year-over-year. Also, its net income was $1.33 billion, up from $755 million, a year ago. The company is confident in its ability to outperform the market as its leadership in materials engineering becomes increasingly critical to delivering new chip technologies. This record performance by the company is a testament to its broad-based strength across its semiconductor businesses.

Furthermore, Applied Materials also introduced Materials Engineering solutions for DRAM Scaling. It will give its memory customers three new ways to further scale DRAM and accelerate improvements in chip performance, power, area, cost, and time to market. As it stands, the digital transformation of the global economy is generating record demand for DRAM. The industry urgently needs a breakthrough and Applied Materials could play a pivotal role moving forward. Hence, would you consider adding AMAT stock to your portfolio?

best quantum computing stocks to buy now (AMAT stock)
Source: TD Ameritrade TOS

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