Exploring the Future: Key Quantum Computing Stocks to Monitor
Quantum computing is a technology that leverages quantum mechanics to tackle complex problems more efficiently than traditional computers. This innovation could transform sectors such as cryptography, drug discovery, and financial modeling. Companies involved in quantum computing represent a specialized sector within the broader technology field.
For growth-focused investors, quantum computing stocks could provide substantial opportunities. The technology’s capability to disrupt multiple industries makes it appealing for long-term investment. Major tech firms are now pouring resources into quantum research, creating a mix of stability along with innovative potential. Nonetheless, investing in this space isn’t without risks. Many companies remain in early research stages, and practical applications may take years to emerge. The intricacies of quantum technology add a layer of difficulty for investors aiming to evaluate advancements and future potential.
Before diving into quantum computing stocks, it’s essential to assess a company’s research developments and collaborations. Scrutinize their funding sources and their ability to conduct long-term projects. Different quantum technologies offer varying potential applications. The competitive landscape is fierce, with both startups and established tech giants vying for dominance. Also, keep in mind that regulatory shifts could significantly affect the progress and rollout of quantum technologies. With that context in mind, let’s take a closer look at two quantum computing stocks to keep an eye on today.
Quantum Computing Stocks to Watch Today
- Honeywell International Inc. (NASDAQ: HON)
- FormFactor Inc. (NASDAQ: FORM)
Honeywell International (HON Stock)
Starting with Honeywell International Inc. (HON), this multinational conglomerate spans several technology and manufacturing sectors. They develop a diverse array of products, including aerospace systems, building technologies, and performance materials. Honeywell is investing in quantum computing via its subsidiary, Quantinuum, which emerged from the combination of Honeywell Quantum Solutions and Cambridge Quantum Computing.
Recently, Honeywell announced an expanded partnership with Qualcomm Technologies (NASDAQ: QCOM). This collaboration aims to innovate AI-enabled solutions for the energy sector. Plans include merging Qualcomm’s connectivity and AI technologies with Honeywell’s current systems, such as the Field Process Knowledge System, to enhance remote connectivity and analytics in manufacturing plants. Additionally, both companies will work on new industrial sensors, fusing Honeywell’s sensing technologies with Qualcomm’s AI processors.
This year, HON stock has increased by 3.99% year-to-date. During Monday’s trading session, Honeywell’s shares rose by 0.58%, currently landing at $217.24 each.
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FormFactor (FORM Stock)
Next up is FormFactor Inc. (FORM), a company focused on semiconductor testing and measurement. They create and supply probe cards and analytical probes essential for testing semiconductor devices. While FormFactor isn’t primarily a quantum computing company, its precise measurement instruments play a pivotal role in the development and testing of quantum components.
This month, FormFactor set a release date for its third-quarter 2024 financial results, scheduled for Wednesday, October 30th, 2024, at 1:25 p.m. Pacific Time. The company will conduct a live webcast to discuss these outcomes. In the previous quarter, FormFactor reported earnings of $0.36 per share and revenue of $197.47 million for Q2 2024.
Year-to-date, shares of FormFactor have surged by 20.98%. As of late Monday’s trading session, FORM stock traded up by 1.16%, currently priced at $48.78 per share.
The opinions expressed in this article belong solely to the author and do not necessarily represent those of Nasdaq, Inc.
