Should You Forget IonQ and Buy These 2 Quantum Computing Stocks Instead?

D-Wave says its quantum annealing technology is already used in production applications, and its agreement with AT&T is expected to expand use in network operations. Rigetti is developing superconducting quantum computers and has expanded a collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center.

Analysis

The investable question is not whether quantum systems can run a production workload, but whether they beat classical alternatives on total cost, reliability, and deployment time. If AT&T can show repeatable network-optimization savings, the value accrues first to its operating margin—not necessarily to quantum vendors through meaningful near-term revenue. HPE’s collaboration could help differentiate its HPC and integration offering, but the announcement alone does not establish material contract economics. D-Wave’s annealing approach and Rigetti’s superconducting gate-model program address different technical paths; treating one collaboration as validation of the other, or as evidence of a broad quantum-computing inflection, overstates the signal.

Near term, expect limited earnings impact and possible sentiment-driven volatility in quantum-related names. Over 1–3 months, look for disclosed workload scale, production uptime, comparative classical benchmarks, contract value, and whether deployments expand beyond pilots. Over 6–18 months, successful repeatable deployments could strengthen HPE’s role in HPC integration and modestly improve customer efficiency, while press-release-led adoption without measurable economics risks a valuation reversal. The key contrarian point: “in production” is a technical milestone, not proof of scalable customer ROI or vendor monetization.

Key Decisions for Investors

• No directional trade in HPE or AT&T on this announcement alone: the potential strategic benefit is plausible, but the supplied information does not establish revenue or earnings materiality.
• Watch HPE for evidence that the collaboration converts into paid systems, services, or repeat deployments; reconsider only if management quantifies commercial traction or it appears in segment results/guidance.
• For AT&T, treat measurable network-cost savings as the catalyst, not the technology announcement. Verify realized savings, rollout scope, and whether benefits exceed implementation costs before underwriting margin upside.
• Avoid extrapolating this news into a broad quantum-sector long. Reassess D-Wave and Rigetti only against independently verifiable benchmarks, customer economics, and repeat deployments; thesis is weakened if classical methods match performance or pilots fail to scale.