As IBM Rallies on a Quantum Computing Breakthrough, Here’s Where the Stock Could Be Headed Next

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…