AI infrastructure spending and growing commercial interest in quantum computing are creating significant opportunities for investors as the third-quarter earnings season gets underway. While AI companies continue to benefit from heavy spending on data-center and computing infrastructure, quantum computing gained further commercial traction and government support during the third quarter.
That makes the two sectors worth watching even as higher interest rates and inflation concerns continue to pressure growth-stock valuations. AI offers the stronger near-term earnings case, while quantum provides a potentially much larger long-term opportunity but with considerably higher execution risk.
Against this backdrop, here are two AI and quantum computing stocks, Semtech SMTC and D-Wave Quantum QBTS, with strong third-quarter catalysts.
Why AI and Quantum Remain Attractive
Within AI, U.S. core capital-goods orders excluding aircraft increased 1.6% in August, following a revised 0.6% gain in July, while rising 10.6% year over year. Reuters quoted FWDBONDS chief economist Christopher Rupkey as saying, “The AI investment boom is real and it is carrying the economy along with it.”
The power requirement associated with this buildout is another structural indicator. The U.S. Energy Information Administration expects total U.S. electricity sales to increase nearly 2% in 2026 and another 2% in 2027, with data-center development and manufacturing contributing to record consumption.
Quantum’s crucial catalyst is government funding. During the third quarter, the Department of Energy (DOE) launched its Quantum Genesis Q competition with up to $215 million in planned funding to accelerate development of fault-tolerant quantum computers capable of at least 100 logical qubits. The initiative also includes a $45 million testbed program.
This makes the two sectors particularly interesting despite short-term volatility. The AI opportunity is supported by present-day capital spending and revenue growth, while quantum is benefiting from government funding, enterprise experimentation and advances in commercially relevant applications.
Macro Risks Make Q3 Earnings Selection More Important
The Federal Reserve's September projections showed a 2026 median federal funds rate of 4.1%, up from 3.8% in June. The median PCE inflation forecast rose to 3.7%. August CPI increased 3.4% year over year, with core CPI up 2.4%, according to the Bureau of Labor Statistics.
Higher rates particularly matter for quantum and AI-infrastructure companies whose valuations incorporate significant future growth. Consequently, investors should focus less on headline stock-price movements and more on revenue conversion, contracted capacity, bookings, customer deployments and forward estimate revisions.
2 AI and Quantum Stocks With Strong Q3 Projections
Semtech: The company provides semiconductor products and connectivity solutions used in data centers, high-performance computing and communications infrastructure. In the second quarter of 2026, data-center sales were up 39% sequentially and 91% year over year, with management expecting third-quarter data-center sales to rise 45% sequentially and 160% year over year. Overall third-quarter revenues are guided to be $410 million, up 54% year over year at the midpoint, while non-GAAP EPS is projected at $1.05, up 119% year over year.
The Zacks Consensus Estimate for the third quarter is pegged at earnings of $1.06 per share, implying a 120.8% year-over-year improvement. Over the past two months, third-quarter estimates have been revised upward by 45.2%. The stock carries a Zacks Rank #1 (Strong Buy).
Semtech Corporation Price and EPS Surprise
Semtech Corporation price-eps-surprise | Semtech Corporation Quote
D-Wave Quantum: The company develops quantum computing systems and related services designed to solve complex optimization and other computational problems. First-half bookings surged 1,120% year over year, while production applications accounted for 37.3% of first-half quantum-computing-as-a-service revenues. During the third quarter, D-Wave expanded its AT&T relationship and secured access to up to $100 million under the CHIPS and Science Act.
The Zacks Consensus Estimate for the third quarter is pegged at a loss of 9 cents per share, implying a 78.1% year-over-year improvement. The consensus estimate for revenues is pegged at $3.95 million, suggesting 5.7% growth year over year. The stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
D-Wave Quantum Inc. Price and EPS Surprise
D-Wave Quantum Inc. price-eps-surprise | D-Wave Quantum Inc. Quote
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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Semtech Corporation (SMTC): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).