Beyond NVIDIA: 4 AI & Quantum Plays Aiming Big Platform Upside in 2026

Core Insights - Investors in 2026 are focused on established AI leaders like NVIDIA for capital allocation, benefiting from AI infrastructure spending, with projected fiscal 2026 revenue near $213 billion driven by GPU platforms and software ecosystems [1] - The discussion centers on whether to invest in emerging AI companies with rapid monetization or speculative quantum computing firms with potential high returns [2] AI Companies - SoundHound AI reported a 68% year-over-year revenue increase in Q3 2025, with guidance suggesting nearly 98% annual growth, despite ongoing net losses as it invests in product scaling [5] - Marvell's revenue for Q2 fiscal 2026 reached $2.006 billion, a 58% increase year-over-year, with its data center segment contributing approximately 74% of total revenue, showcasing strong demand for AI infrastructure [6][7] - SoundHound AI is expected to achieve earnings growth of 56.9% on revenue growth of 38.3% in 2026, while Marvell anticipates earnings growth of 23.3% on revenue growth of 22.8% in fiscal 2027 [5][6] Quantum Computing Companies - IonQ reported a 222% revenue growth in Q3 2025, reaching $39.9 million, and holds $3.5 billion in cash after a $2 billion equity raise, indicating strong financial positioning for R&D [7][8] - D-Wave's Q3 2025 revenue doubled to $3.7 million, with a cash balance of $836 million, reflecting strong liquidity despite ongoing net losses [9] - IonQ is projected to achieve earnings growth of 65.8% on revenue growth of 38.3% in 2026, while D-Wave expects earnings growth of 8.7% on revenue growth of 67.8% [8][9] Comparative Analysis - SoundHound AI and Marvell are generating significant revenue tied to enterprise deployments, while IonQ and D-Wave are still in early revenue stages and heavily focused on R&D [13] - Valuation frameworks differ, with AI infrastructure companies evaluated on revenue durability and margin trajectory, while quantum firms are assessed based on technical milestones and commercialization potential [14]