Shortly after Senior Market Strategist John Rowland highlighted IBM (IBM) as his blue-chip quantum stock pick to watch, the shares are in rally mode today after announcing its new and most advanced quantum processor, IBM Quantum Nighthawk.
IBM's Quantum Milestones
“We believe that IBM is the only company that is positioned to rapidly invent and scale quantum software, hardware, fabrication, and error correction to unlock transformative applications,” said Jay Gambetta, Director of IBM Research and IBM Fellow, in a statement.
Along with Quantum Nighthawk, IBM unveiled its experimental Quantum Loon processor. According to a company release, “Loon will validate a new architecture to implement and scale the components needed for practical, high-efficiency quantum error correction,” and “demonstrates all hardware elements of fault-tolerant quantum computing.”
John's Bull Flag Breakout Target
IBM is up more than 2.5% on the news, which Rowland says indicates a potential breakout from the recent trading range.
“The conservative bull flag measurement places the target around $345,” Rowland adds. “If you take the two-day explosive move around earnings, then the target expands to $365.”
Watch the clip for Rowland’s full analysis on the IBM quantum computing story, and catch the next Market on Close livestream for more insights from our Senior Market Strategist.
On the date of publication, Elizabeth H. Volk did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
- CoreWeave Has a ‘Tremendous Long-Term Opportunity’ But Is Stuck in Limbo Here. Should You Buy, Sell, or Hold CRWV Stock for 2026?
- As C3.ai Explores a Sale, Should You Buy, Sell, or Hold AI Stock?
- D-Wave’s Contracts Could Be Worth ‘Millions of Dollars.’ Should You Buy QBTS Stock Now?
- Bargain Buy or Risky Bet? Bath & Body Works Slides to 52-Week Low
