Beyond AI: Are Quantum Stocks the Next Big Thing in Tech Investing?

Quantum computing stocks have surged in popularity over the past year, capturing investors’ enthusiasm on the coattails of the artificial intelligence boom. These buzzy names took off last summer after a slew of announcements and research breakthroughs from the biggest players in the tech industry, such as Alphabet GOOGL/GOOG, Amazon.com AMZN, and Microsoft MSFT.

Why it matters: Quantum computing promises to be one of the most transformative technological developments of the next few decades, but Morningstar’s analysts caution that mainstream market adoption could be a long way off. Dan Romanoff, a senior equity research analyst on the technology team at Morningstar, discusses new developments in the quantum computing landscape and the best way for investors to get exposure in their portfolios now.

10 Questions on Investing in Quantum Computing Stocks

1. What is quantum computing? What makes this tech unique? Why is it promising?
2. Why did some quantum stocks explode in 2025?
3. Is quantum technology ready for the mass market? How long will it take before it becomes mainstream, and what are the challenges?
4. Morningstar’s analysts are at odds with the consensus opinion on quantum, mainly on the timeline to commercialization and ultimate market size. Why? Are there different technological approaches to quantum computers?
5. How big is the market opportunity for quantum, and what are the implications of that?
6. Our analysts don’t cover the four publicly traded quantum companies, and our report suggests investors treat them with caution. Why is that?
7. Is it too early to identify winners and losers in the quantum space?
8. What is the best way for investors to get some exposure now? How should investors think about investing in a technology that may be decades away from mainstream adoption?
9. In your report, you describe quantum computing as a call option on large-cap stocks like IBM IBM, Microsoft, Alphabet, and Amazon. Can you explain what you mean?
10. What’s the most important thing for investors to know about quantum computing stocks right now?

Key Quote on Quantum Computing Stocks

“if you are thinking that you want some sort of near-term immediate return from investing in some hot quantum stock. I don’t think that is reality. Maybe the meme nature of some of those certainly can artificially pump up the price, and maybe you can do great. But it won’t be based on any fundamentals, I don’t think. And so you need to be patient and be investing for the long term if you want to do anything in quantum right now. But you should keep in the back of your mind also that this probably is going to be real and pretty meaningful eventually.”

The Takeaway: Morningstar’s Romanoff recommends that investors tread carefully when it comes to pure-play quantum computing stocks, which are still unprofitable and carry significant risks that will persist as this early-stage technology continues to develop. Investors looking for exposure to the quantum space today are better served with the major cloud providers like Microsoft, Google, Amazon, and IBM, which are well-capitalized to fund further research and well-positioned to integrate quantum offerings into their business models over the long term.

Other Securities Mentioned in This Episode

• Nvidia NVDA
• D-Wave QBTS
• Rigetti RGTI

More From Morningstar on Quantum Computing Stocks

Over the next two decades, Romanoff says the market for quantum computing could be worth $200 billion. Once the technology is more mature, he expects the most likely use cases to surface in the chemical, pharmaceutical, financial, and cybersecurity industries, to name a few.

For more, check out Morningstar’s complete Quantum Computing Technology Observer report here.