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Quantum computing stocks are inching up on Monday, March 17 in anticipation of Nvidia’s GTC event that is broadly expected to feature significant discussions on the emerging technology.
Leading the pack is Quantum Computing (QUBT) that’s up nearly 17% at the time of writing, followed by D-Wave (QBTS), which gained as much as 10% on Monday.
Others, including IonQ (IONQ) and Rigetti Computing (RGTI), were up modestly in morning trading on March 17 before reversing into the negative.
Nvidia Is Scheduled to Host a Quantum Day
Quantum stocks are seeing upward pressure this morning because Nvidia plans on hosting its first-ever “Quantum Day” as part of its GTC event on March 20.
CEOs of the big four pure-play quantum companies will be participating in a panel discussion that will delve into recent developments as well as future prospects of quantum technology on coming Thursday.
Note that Nvidia’s annual event will include technical sessions on quantum computing as well.
While quantum stocks are gaining today in hopes that Nvidia’s GTC will serve as a meaningful catalyst for the industry, it’s worth mentioning that all four, except for D-Wave, are still in red for the year.
QBTS shares are currently up some 31% versus the start of 2025.
How Else Could NVDA Help Quantum Computing Stocks?
Another major reason why quantum stocks are coming back into favor with investors ahead of the GTC event is D-Wave’s recent claim that it has achieved quantum supremacy.
At CES 2025, Nvidia’s chief executive Jensen Huang said practical utility of quantum computers may be as much as 30 years away. But now that QBTS has reportedly hit that industry benchmark, investors are interested in finding out if Huang’s view on quantum technology has shifted yet.
Investors’ interest in quantum computing names in the build up to GTC suggests any hint of positivity from Nvidia on the quantum front could trigger a sharp move up in their stocks in 2025.
Do Analysts Still Recommend Buying Quantum Stocks?
Wall Street also seems convinced that quantum computing stocks could prove to be lucrative investments in 2025.
The consensus rating on the big four pure-play quantum companies currently sits at “Moderate Buy” to “Strong Buy,” with mean targets suggesting varying degrees of upside, except for D-Wave.
At $7.67, the mean target on D-Wave stock actually indicates 30% downside from current levels, indicating much of the good news is already baked into the QBTS share price.
This suggests investors may be better off focusing on three quantum computing stocks instead: RGTI, IONQ, and QUBT.
