Quantum computers are the new technology of today when it comes to computers. Imagine if there are already super-fast processors capable of doing many tasks simultaneously. Quantum computers are capable of doing this but with an infinitely better speed and power and, of course, faster than any normal computer.
If you want to invest in this sector, here are three quantum computing stocks to buy; let’s take a look.
Rigetti (RGTI)
Rigetti Computing (NASDAQ:RGTI) has burst onto the quantum scene with its latest release, the impressive 9-qubit Novera QPU.
This device, based on the advanced Ankaa architecture, is notable for its ability to perform fast 2-qubit quantum operations, along with an additional 5-qubit chip for simpler operations. Manufacturing at its pioneering Fab-1 facility demonstrates Rigetti’s commitment to technological excellence.
As for its Q3 2023 financial results, the picture is mixed. While earnings were $3.1 million, operating expenses totaled $19.1 million, generating a net loss of $22.2 million. However, Rigetti maintains a solid financial position, with $110.2 million in cash and the addition of $12.7 million through the sale of stock.
The Novera QPU goes beyond being just a technological feat. With its unique chip layout and versatility, it stands out as a milestone in the evolution of quantum computing. Manufactured in the innovative Fab-1, it represents Rigetti’s dedication to excellence in quantum device production.
They not only shine in the technology arena but have also been awarded Phase 2 of DARPA’s Quantum Evaluation Program, a three-year project to develop key metrics in fault-tolerant quantum computing.
Booz Allen Hamilton (BAH)
Booz Allen Hamilton (NYSE:BAH) is making waves as a standout investment for 2024, driven by its stellar results in the second quarter of fiscal 2024.
The company achieved its best first half in its history, with quarterly revenue up 16.0% year-over-year to an impressive $2.7 billion. This financial feat is complemented by remarkable organic revenue growth of 14.8% and a 14.1% increase in revenues excluding billable expenses.
In addition to the financial triumphs, Booz Allen Hamilton demonstrated a strong commitment to its workforce, with 11.2 percent year-over-year growth in client headcount and a 10.3 percent increase in total headcount.
The company’s quarterly backlog increased 10.1 percent to $35 billion, which, coupled with an excellent book-to-bill ratio of 2.41 times, indicates strong demand for its services.
Recent strategic moves further consolidate BAH’s position. The company secured a major production agreement to implement Thunderdome, a zero-trust network access and application security architecture developed by the Defense Information Systems Agency (DISA).
This move aligns with national cybersecurity goals and the Department of Defense’s Zero Trust Strategy and Roadmap, showcasing this company’s integral role in enhancing defense cyber capabilities.
In particular, they secured a seven-year, $630 million contract with the U.S. Space Forces, highlighting their engineering and systems integration expertise. The contract includes support for the development of next-generation space capabilities, such as missile warning and surveillance.
Booz Allen Hamilton’s competencies in digital engineering, artificial intelligence and machine learning position it as a key player in providing critical information for decision-making to protect the nation in the dynamic space domain.
Quantum Computing (QUBT)
Quantum Computing (NASDAQ:QUBT) is making waves in the quantum computing space, with its recent financial report highlighting an increase in revenue in Q3 2023.
The company’s revenue reached $50,000, a notable jump from the previous year and a promising 111% increase in the first nine months of 2023. Despite being in the early commercialization phase, they anticipate a substantial revenue increase in 2024, driven by positive project results.
Their operating side experienced an increase in expenses, which in the third quarter of 2023 reached US$7.7 million. This increase is attributed to the increase in personnel and significant investment in research and development of new products.
The company’s net loss for the third quarter of 2023 was $8.3 million, reflecting a year-over-year increase driven primarily by higher operating expenses.
However, the recent milestone of securing hardware sales for its Reservoir Computer and Quantum Random Number Generator indicates a promising turnaround for QUBT’s commercial efforts.
The Reservoir Computer, a quantum-inspired handheld device, and the Quantum Random Number Generator are garnering attention, marking the beginning of QUBT’s quantum computing solutions coming to market.
In addition, the company’s decision to establish a quantum photonic chip manufacturing plant in Arizona reflects a strategic move to leverage the state’s expertise in semiconductors.
In an attempt to accelerate technology development, they have chosen the ASU Research Park to set up their facility, demonstrating their commitment to collaboration and leveraging existing infrastructure.
Aiming to begin operations in the first half of 2024, they aspire to play a significant role in semiconductor research and manufacturing, in line with federal funding initiatives.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines (no position)