(InvestorPlace) The companies making inroads in the quantum computing sector are mainly secondary plays, which have substantial resources to invest in research and development. Some of the world’s largest technology giants are investing huge sums in the quantum computing sphere to cement their dominance in the sector. Research shows that cost savings and revenue opportunities from the sector will exceed $450 billion annually. The market is expected to grow at a CAGR of 24.9% from $93 million by 2019 to $283 million by 2024.
With all of that in mind, Muslim Faroque* look at three quantum computing stocks that are needle-movers in the space:
Alphabet (NASDAQ: GOOG, NASDAQ: GOOGL)
Microsoft (NASDAQ: MSFT)
1) Google: Google has been flirting with the idea of quantum computing since 2006. It was not until 2012 when it first formed a dedicated quantum lab. Since then, it has become a significant player in the industry, claiming “quantum supremacy” last year with its Sycamore quantum processor.
2) IBM: IBM has recently has made its quantum computing aspirations concrete through its announcement of a comprehensive road map. It plans to develop a quantum computer which contains 1000 qubits by 2023. That is a massive leap from its current largest quantum computer, which contains 65 qubits.
3) Microsoft: The quantum computing capabilities of software giant Microsoft are perhaps the most unique in the industry. The company is effectively looking to marry its cloud computing services with its quantum computing abilities. It is developing an open cloud ecosystem, Azure Quantum, in partnership with 1QBit, Honeywell (NYSE:HON) and IonQ. Microsoft aims to build a universal quantum computer with robust nanowire-based hardware architecture. Apart from the successful array of other unique services, quantum computing might become a major catalyst for MSFT stock.
*On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.