Quantum computing is the next big thing in the tech realm. While artificial intelligence (AI) investing is undoubtedly the king, quantum computing appears to be the next technology in line, barring another technology emerging that is unknown to most. By getting into the best quantum computing stocks before this tech becomes mainstream, you can maximize your returns, but the key is buying the right one.
My top quantum computing stock to buy in February is IonQ (IONQ 1.75%), although it's far from a surefire bet to work out.
Image source: Getty Images.
Quantum computing still needs to prove its relevance
IonQ and its peers are still working on proving quantum computing's viability in the commercial sector. If quantum computing had already been proven out, it would have been implemented in areas like AI a long time ago. However, everyone involved in the space is still chasing one key metric: accuracy.
Right now, quantum computers aren't nearly as accurate as their traditional computing counterparts. The reason I'm recommending IonQ over everyone else is that it's the global leader in quantum computing accuracy. Back in October, IonQ achieved 99.99% 2-qubit gate fidelity -- an accuracy measure that has become the standard-bearer for the industry. A 99.99% score indicates IonQ's platform makes 1 error out of every 10,000 tries, which is great, but it's a long way away from where it needs to be.
Most other competitors haven't even achieved 99.9% accuracy. While that's only a 0.09% improvement, that jump indicates going from 1 error in every 1,000 to 1 in every 10,000. IonQ's lead over the competition is massive and cannot be understated.
NYSE: IONQ
Key Data Points
The key for IonQ over the next few years is to maintain that lead and improve its technology to the point where it's far more accurate than anyone else's product. If it can do that, then it will become a winner in a space that is projected to have a huge market opportunity. McKinsey & Company projects that the quantum computing market could be worth $28 billion to $72 billion by 2035. If IonQ can capture a large chunk of this market due to its technology being far more accurate, it could be a huge winner.
That's why IonQ is my top quantum computing stock pick in February, but it's far from a surefire bet. Any one of the numerous competitors could slowly improve and surpass IonQ, but there's no guarantee of that either. Investing in quantum computing is similar to investing in an early-stage biotech company. Many will fail, but the few that work out will make investors a lot of money. I believe IonQ will work out, but I have no assurance it will.
