Quantum computing is causing rumblings in the stock market, as evidenced by the interest in stocks like IonQ Inc. (NYSE: IONQ), which have surged 156% year-to-date (YTD). The computer and technology sector pioneer IonQ is widely being accepted as the leader in this segment based on its 102% YoY growing revenues, a $54.5 million deal with the United States Air Force Research Lab (AFRL), and financial backing from industry giants like Amazon.com Inc. (NASDAQ: AMZN), Lockheed Martin (NYSE: LMT) and Samsung Electronics Co. Ltd. (OTCMKTS: SSNLF). IonQ is one of the few companies that have actually built and tested a quantum computer.
While quantum computing has been around for over a decade, the applications for quantum computing, ranging from drug discovery, cryptography, materials science, and complex financial modeling, are driving interest in these stocks. The Trump victory and Elon Musk have also fueled speculation for more interest in quantum computing as a nation. Amazon Web Services announced its Quantum Embark advisory program on Nov. 22, 2024, to help customers prepare for the era of quantum computing.
