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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.
