How to capitalize on the red-hot quantum computing space, according to a veteran investor
For investors looking to capitalize on the popular quantum computing space, it's better to cast a wide net, according to Michael Farr, CEO of Farr, Miller and Washington. Farr broke down his views on the red-hot quantum computing stocks, Dave & Buster's and Amazon on CNBC's "Three-Stock Lunch" Wednesday. Quantum ETF The longtime investor said it's difficult to identify true winners in the crowded space, so investors should consider exchange traded funds like the Defiance Quantum & AI ETF . Quantum computing stocks skyrocketed Wednesday after Nvidia CEO Jensen Huang said at a developers conference that the space was reaching an inflection point . Shares of Quantum Computing surged 24%, while Rigetti Computing soared about 17%. "I would own the ETF, because you can't know which one of these is going to be successful. It's early stages. You own a whole bunch of them, with some established companies in there too," Farr said. "I would not make an individual bet. I'd make a broader cast." Quantum computers are machines that use the laws of quantum mechanics to solve problems too complex for traditional computers, which store information in bits. Dave & Buster's Dave & Buster's shares jumped double digits Wednesday after the company's comparable sales fell less than expected. However, Farr said he would not own the restaurant and entertainment company because of its weak fundamentals. "As a long-term fundamental investor, they don't have a lot of cash. They do have a lot of debt. As a company, you don't have flexibility. If today you own it, you feel good. Tomorrow will be a great day not to own it," Farr said. "I would get out and put my money somewhere more predictable." Amazon The investor revealed that he is a fan of Amazon as the tech giant made a $20 billion investment on two data center complexes in Pennsylvania. "I think that over the next five years, you're going to be very happy owning this one," Farr said. "They have a lot of cash. They've got a great deal of opportunity." One of the complexes Amazon is building will be alongside a nuclear power plant . According to an Associated Press report, the plan has drawn scrutiny over an arrangement to essentially plug right into the power plant.
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