Overview
- Recent analyses recommend Alphabet as a lower‑risk way to participate in quantum computing compared with volatile, cash‑burning pure plays.
- Alphabet has highlighted a chip called Willow that it says completed a standard benchmark in about five minutes and showed error rates that declined as qubits scaled.
- Backed by roughly a $4 trillion market value, Alphabet guided to $91 billion to $93 billion in 2025 capital spending and generated about $74 billion in trailing 12‑month free cash flow.
- Pure‑play firms face financial and competitive pressures, with Rigetti reporting Q3 revenue of $1.9 million, a $21 million operating loss, about $600 million in cash, and direct rivalry with larger superconducting programs at Alphabet, Microsoft, and IBM.
- Coverage notes that many quantum stocks surged in 2025 and later pulled back, and that meaningful commercial impact is broadly expected closer to 2030, keeping the investment case long‑dated and risky.