After transforming content creation, data analysis and automation, artificial intelligence is increasingly facing a new constraint: computing power. As AI models become larger and more complex, the need for faster, more powerful and more specialised computing infrastructure continues to grow.

Quantum computing could represent the next major breakthrough in computing power. By using quantum properties such as superposition and entanglement, quantum computers could solve certain complex problems far more efficiently than traditional computers, opening new possibilities across artificial intelligence, drug discovery, logistics optimisation, cybersecurity, financial modelling and advanced scientific research.

Quantum computing is no longer only a scientific research topic. The United States, China and Europe are investing heavily in the field to strengthen their competitiveness in strategic sectors such as defence, research and industry. As artificial intelligence has shown, next-generation computing technologies can quickly become matters of national sovereignty. At the same time, the sector is benefiting from a more favourable alignment of factors: accelerating public and private investment, technological progress from leading players, the emergence of the first cloud-accessible quantum solutions and growing demand for post-quantum cybersecurity.

Today, most investor attention remains concentrated on artificial intelligence and semiconductors. Quantum computing is still often perceived as a distant technology, even though early commercial applications are already beginning to emerge.

This creates a potential gap between market perception and technological progress. As with the early stages of cloud computing or generative AI, investors may underestimate how quickly advances in quantum systems could translate into concrete economic opportunities.

In this context, IBM, Alphabet and IonQ offer complementary exposure to the theme: IBM through its established quantum platform, Alphabet through Google Quantum AI and its broader AI/cloud ecosystem, and IonQ as a listed pure player in quantum computing.