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Quantum computing stocks are taking off in 2024. Is this the start of something big? Let’s take a closer look
Google’s Chip Changes the Game
Google’s new Willow chip, a 105-qubit processor, hit a big milestone:
- Fixed Errors: It solved a 30-year problem by cutting down error rates as qubits increased
🤖
Google’s Willow chip performed a task in 5 minutes that would take today’s computers 10 septillion years
The Quantum Stock Surge
Quantum computing stocks are frothy these past 3 months, fueled by Google’s recent breakthrough:
- Quantum Computing ($QUBT) up 1,777%
- IonQ ($IONQ) up 260%
- Rigetti Computing ($RGTI) up 1,104%
How Google's Stock Reacted
Google’s announcement of the Willow chip caused a quick spike in their stock price. So far this year, $GOOGL is up 41.4%.
Are Quantum Stocks Expensive?
Looking at the Price-to-Sales (P/S) ratios for each company, we see just how pricy these stocks have become compared to a year ago, per morningstar:
- Quantum Computing:
1 Year Ago: 278 → Today: 4,982 - IonQ:
1 Year Ago: 126 → Today: 246 - Rigetti Computing:
1 Year Ago: 8 → Today: 153
The speculation is through the roof! At today’s valuation, buying 1 share of Quantum Computing stock means you’re paying a premium of nearly 5,000 years’ worth of its current annual revenue.
Here's some takeaways:
- Quantum stocks like QUBT and RGTI surged over 1,000% in the 3 three months
- Valuations have soared.. QUBT’s P/S ratio, for example, jumped from 278 to 4,982 in just a year
- This sector is promising, but it's still speculative, with most risk tied to volatility