Competition is already heating up, with many companies taking a unique approach to developing their quantum computers. One such company is IonQ ( IONQ -1.43%), a leading manufacturer of quantum computing systems. But is the stock a buy right now? Let's take a closer look.

Microsoft (MSFT) exec Mitra Azizirad wrote in a blog post on Tuesday, Jan. 14 that “We are at the advent of the reliable quantum computing era. And we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value.

Stocks and ETFs tied to quantum computing rose significantly Wednesday after Nvidia and Microsoft highlighted the industry's enormous potential.

This is what's happening on Wednesday, as quantum computing investors cheer some kind words from Microsoft's strategic missions and technologies chief, Mitra Azizirad, who last night urged quantum investors to get ready, because "we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value."

Quantum computing stocks have been losing ever since Nvidia chief executive Jensen Huang said widespread applications of quantum computing are still decades away. But investors are rewarding these companies once again on Wednesday after Microsoft Corp (NASDAQ: MSFT) made a statement that starkly differs from Huang’s view on quantum computing.

Following tech giants such as Amazon (AMZN) and Nvidia (NVDA), enterprise software major SAP (SAP) has also joined the voices making a case for quantum computing. Sounding bullish about the technology,

Quantum computing has been receiving a lot of attention lately as a handful of companies compete to develop some of the most sophisticated computers on the planet. The potential for these computers to dramatically change everything from weather prediction to cybersecurity encryption is high,