My Favorite "Magnificent Seven" Stock Just Joined the Quantum Computing Revolution (Hint: It's Not Nvidia)
Amazon just joined its "Magnificent Seven" peers Nvidia, Microsoft, and Alphabet in the quantum computing revolution.
Toward the end of 2024, a new pocket of the artificial intelligence (AI) realm called quantum computing started receiving quite a bit of interest from the investment world. Seemingly overnight, stocks such as IonQ, D-Wave Quantum, and Rigetti Computing emerged as popular names leading the quantum computing charge.
Smart investors understand that just because a company begins rising in popularity doesn't necessarily make it a sound investment choice, though. While the companies above have witnessed pronounced gains over the last few months, much of the buying activity is rooted in momentum-driven narratives. As I've previously expressed, if you're going to explore investing in quantum computing, then I think the most prudent options revolve around "Magnificent Seven" members like Nvidia or Alphabet.
Just a few days ago, my favorite Magnificent Seven stock, Amazon (NASDAQ: AMZN), announced an interesting development as it pertains to the company's quantum computing efforts. Below, let's explore how Amazon is making a splash in the quantum revolution and assess how it could help supercharge the company's AI ambitions in the long run.
