Quantum (NASDAQ:QMCO) computing is widely considered the next generation of computing. The technology is gaining traction with increased investment and has scope for immense growth, given its vast potential. Hence, we think the stocks of financially sound quantum computing companies Applied Materials (NASDAQ:AMAT), Analog Devices (NASDAQ:ADI), Ambarella (NASDAQ:AMBA), and IonQ, Inc. (IONQ) could be solid additions to one’s portfolio now. So, read on for an examination of these names.Quantum computing focuses on developing computer technologies based on quantum theory. The computing method uses a qubit or a quantum bit made by the quantum system. Quantum computing is widely considered the next frontier of electronic computation.
Quantum approaches to computing have the potential to boost many industries. Big names in the tech space, such as Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL), and International Business Machines Corporation (NYSE:IBM) have invested heavily in quantum computing projects, and academic institutions are also exploring possibilities in the field. The global quantum computing market size is expected to grow at a 25.4% CAGR between 2021 - 2030. The growth is expected to be driven mainly by increasing private investment in quantum computing. In addition, Quantum-as-a-service (QaaS) is gaining traction from its integration with emerging technologies, which should allow businesses to utilize quantum computing resources remotely, further driving greater adoption of the technology.
Given this backdrop, we think quantum computing stocks Applied Materials, Inc. (AMAT), Analog Devices, Inc. (ADI), Ambarella, Inc. (AMBA), and IonQ, Inc. (IONQ) might be quality additions to one’s portfolio.