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Quantum stocks are climbing in early trading after Microsoft (MSFT) and Nvidia (NVDA) both made announcements regarding the technology yesterday.
Among the quantum names rallying this morning are Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and IonQ (IONQ).
A modern computer datacenter, running an advanced quantum computer system.
Microsoft And Nvidia Are Becoming Involved in Quantum
Microsoft is launching a "Quantum Ready program" that will help companies prepare to create, implement and utilize the technology. Among the specific areas with which MSFT will assist firms are creating "practical, high-impact hybrid applications" and getting ready "for scale such that (their) investments are future-proofed."
And according to the tech giant, preparing to utilize quantum is "a business and a global imperative."
As for Nvidia, the huge chip maker reported that it would hold its first Quantum Day. The event will occur during NVDA's annual GTC event, which is slated to take place on March 20. NVDA's Quantum Day will feature top experts on the technology discussing "what businesses should expect from quantum computing in the coming decades," the tech giant noted.
In the post announcing Quantum Day, NVDA also stated that "remarkable progress" had been made in furthering the technology.
The company's enthusiasm about quantum technology comes after its CEO, Jensen Huang, earlier this month indicated that he did not believe the technology would be "very useful" for roughly two decades.
While we acknowledge the potential of RGTI, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RGTI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock Disclosure: None. This article is originally published at Insider Monkey.