Quantum Computing Update: 2 Better Ways to Play the Boom

A few months ago, the U.S. government put more than $2 billion behind quantum computing. But at the time, we told you something you probably weren’t expecting…

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Don't buy the quantum stocks yet.

Since then, the opportunity has gotten a lot bigger. 

In May, Washington pledged that $2 billion to 9 companies building America's quantum industry, including IBM, GlobalFoundries, Rigetti, D-Wave and Quantinuum, aiming to build a domestic quantum industry before another country gets there first. But government money was only the beginning. 

Two HUGE tech companies have since made major moves of their own, striking partnerships that could turn quantum from an experiment into a real commercial industry, starting with Oracle (ORCL).

So we reran the numbers on the biggest quantum stocks to find out if it's finally time to buy. The answer was NOT what we expected, and it's worth seeing before you invest in quantum. 

Here’s what has changed, where the pure-play quantum stocks stand today, and the 2 companies we think could see HUGE upside as the money keeps flowing.

Oracle Brings Quantum to the Cloud

Here’s a HUGE new development in the story.

Oracle (ORCL) just announced a major partnership with Quantinuum, one of the leading quantum computing companies in the world. The plan: put Quantinuum's Helios quantum computer inside an Oracle Cloud data center, so businesses can eventually access its power through the cloud instead of a specialized lab. That could open quantum computing to far more companies, and far more money.

So is Oracle a stock to buy amid this quantum surge? Perhaps not. Running it through our quant ratings system, which distills 115 factors into a letter grade, A through F, tells a different story. You want a portfolio loaded with A-rated stocks, since they've historically outperformed the S&P nearly 3 to 1. Sadly, Oracle only earns a C, a Hold recommendation, in the bottom 40% of the stocks we track. C is more like "C ya later."

However, there are two stocks that DO earn higher grades … let’s dig in.

Get the 2 strongest quantum stocks right now … 

The Bigger Trend

Hewlett Packard Enterprise (HPE) recently expanded partnerships with 8 quantum companies, including Quantinuum, Intel, QuEra and Rigetti, to integrate quantum processors with the supercomputers and AI systems it already builds. HPE is a serious player here: it built 6 of the 10 most powerful supercomputers in the world on the June 2026 TOP500 list.

Government money, Oracle bringing quantum to the cloud, HPE connecting it to the world's most powerful computers. Quantum is starting to move from experiment to commercial ecosystem.

So, is HPE worth buying? Keep reading, because this deserves more than a Hold-or-Buy answer. 

But first, the bigger question: are the quantum stocks themselves finally worth buying?

I Reran the Quantum Stocks

When the pure-play quantum stocks last ran through our quant system, the results weren't pretty. But things have changed. After billions in government backing and these major new commercial developments, has anything changed?

The numbers got rerun.

IonQ (IONQ) earns an F Zen Rating, with its fundamentals placing it in the bottom 2% of stocks we track in a database of greater than 4,600.

Quantum Computing (QUBT) also earns an F, ranking in the bottom 4%.

D-Wave Quantum (QBTS) earns an F as well, ranking in the bottom 9%.

And Rigetti (RGTI), despite receiving government backing and now working with HPE, earns a D Zen Rating. Its fundamental profile only earns it a spot in the lower 19% of stocks tracked.

So here's the surprising takeaway: the quantum story has gotten MUCH stronger. The quantum stocks haven't.

Gladly, this is not the end of the story. These currently dismal ratings do NOT mean these companies can't eventually become huge winners. But right now, the model says the fundamentals still haven't caught up with the excitement, so investing in them is still very speculative.

Fortunately, you don't have to bet on these speculative names to potentially profit from the quantum boom. We found 2 other ways to play it, and both already rank in the top 5% of the entire market.

Let's start with Dell (DELL).

Stock #1: Dell Technologies (DELL)

Dell may be best known for PCs and AI servers, but it's also positioning itself to provide the classical computing power quantum computers need to actually work at scale.

One of the biggest problems in quantum computing is error correction. Quantum systems need traditional computers working beside them, processing information incredibly fast so errors can be identified and corrected before the quantum information breaks down.

Dell has been working with Nvidia's quantum platform on exactly that problem, using its PowerEdge servers to dramatically cut the time it takes for classical computers to communicate with quantum hardware. In fact, Dell's PowerEdge infrastructure achieved sub-4-microsecond latency on Nvidia's NVQLink platform, fast enough to enable real-time error correction and other functions needed for fault-tolerant quantum computing.

So if quantum computing scales, Dell could benefit without having to build the winning quantum computer itself. It sells the powerful traditional infrastructure those machines may need sitting right beside them.

And importantly, this isn't a speculative company waiting for quantum to pay off. Dell's existing business is already exploding. Last quarter, revenue hit a record $43.8 billion, up 88% year over year, while adjusted earnings per share jumped 214%. AI server revenue reached $16.1 billion, up more than 750%, and Dell raised its full-year AI server revenue forecast to roughly $60 billion.

So this is a company already riding one enormous computing revolution, with a potential foothold in the next one.

Wall Street sees more room to run. The consensus recommendation is Strong Buy, and the most bullish analyst is Susquehanna's Mehdi Hosseini, who ranks in the top 1% of analysts in our database based on historical stock-picking track record, with a price target roughly 60% above current levels as of this writing.

Our Zen Ratings back that optimism. Dell earns an overall A, a Strong Buy recommendation, ranking in the top 3% of stocks we track thanks to a strong fundamental profile.

The Component Grades reveal just how strong. Financials rank in the top 18%, Sentiment in the top 3%, Growth in the top 2%, and the standout is Momentum, in the top 1% of the entire market.

That combination tells a pretty compelling story: rapid growth, strong financials, bullish smart money, and price action confirming that investors are paying attention.

The risk is that Dell is still a hardware business with relatively thin margins, and soaring demand for components can squeeze those profits.

But with record results, a massive AI business already scaling today, and a potential role in the quantum infrastructure of tomorrow, Dell offers exposure to this trend without having to bet everything on which quantum startup wins.

And the second pick scores even higher.

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Now, circling back to a stock touched on briefly earlier, with a deeper dive. Yes, as you may have gathered, it is Hewlett Packard Enterprise (HPE).

Stock #2: Hewlett Packard Enterprise (HPE)

HPE's direct connection to this trend is already clear. It's working with 8 different quantum companies to combine quantum processors with the supercomputers and AI infrastructure it already builds.

That's an interesting position because HPE doesn't necessarily need to predict which quantum technology ultimately wins. If quantum computing scales, HPE could help provide the infrastructure that connects those machines to the rest of the computing world.

And this isn't some struggling company hoping quantum eventually saves it. HPE's existing business is gaining serious momentum.

In its latest quarter, revenue reached $10.6 billion, up 40% year over year and about 9% above estimates. Earnings also beat expectations, and management now expects full-year revenue growth of 29% to 33%. That's being driven heavily by demand for AI, servers and networking, the same high-performance infrastructure that puts HPE right in the middle of this quantum buildout.

Wall Street likes what it's seeing too. The consensus rating is Strong Buy, and the highest price target comes from BofA Securities, which represents roughly 50% upside from current levels.

And our Zen Ratings may be even more compelling. HPE earns an overall A Zen Rating, ranking in the top 4% of all stocks we track.

Looking at the Component Grades, Momentum ranks in the top 9%, reflecting extremely strong price action. Sentiment ranks in the top 7%, showing that Wall Street and other market signals are increasingly bullish. But the standout is Growth, which ranks in the top 3% of the entire market.

Put those together and you have a company where the business is accelerating, investors are taking notice, and the stock's performance is confirming that strength.

There is one obvious risk: HPE has already run hard, so expectations are much higher today and the stock isn't nearly as cheap as it was before this surge.

But if AI infrastructure keeps booming and quantum computing develops into the commercial industry we're beginning to see take shape, HPE could find itself supplying critical infrastructure for not one, but two enormous computing revolutions.

Conclusion

The quantum story has only gotten bigger, but that still doesn't mean the obvious quantum stocks are the best way to play it. Dell and HPE give you two ways to potentially profit from the buildout through companies that are already growing, already profitable, and already rank among the highest-rated stocks in our system.

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