From Nasdaq: 2024-05-16 13:05:31

Quantum computing has the potential to transform major industries and present a significant opportunity for investors. The market is expected to reach $5.3 billion by 2029, up from $1.3 billion today. Analysts predict it could grow to over $6.5 billion by 2030. Companies like IonQ, Defiance Quantum ETF (QTUM), and D-Wave Quantum (QBTS) are key players in this emerging field.

IonQ is consolidating around $9 a share and could rally to $15 with the promising potential of quantum computing. The company posted a strong first-quarter performance, beating revenue estimates and forecasting revenue between $37 million to $41 million for the year. IonQ also announced a collaboration with Oak Ridge National Laboratory to modernize the power grid.

Defiance Quantum ETF (QTUM) is trading at $61.85 and aims to retest $63.26, with a potential target of $70 a share. The ETF provides exposure to companies leading in transformative computing technologies like quantum computing. Top holdings include MicroStrategy, Nvidia, and Micron Technology. ETFs offer a cost-effective way to diversify investment portfolios.

D-Wave Quantum (QBTS) is on the rise with analysts bullish on the stock, reiterating a buy rating with a $4 price target. The company reported strong growth in bookings, new major orders, and the introduction of a new fast-anneal feature. Earnings for the first quarter showed a 56% revenue increase year over year and a 54% rise in bookings. D-Wave also renewed its agreement with the University of Southern California for ongoing exploration of quantum computing solutions.

Read more at Nasdaq: 3 Must-Buy Quantum Computing Stocks When Prices Plunge