FormFactor Stock Leads Quantum Computing Picks As AI Chip Testing Demand Builds

Central banks are signalling that policy rates may stay higher for longer as inflation pressures, including energy costs, remain in focus. That keeps cheap capital scarce and puts extra attention on technologies that could reshape computing efficiency, such as quantum computing. This article highlights three stocks from our Quantum Computing Stocks screener that show how different parts of the quantum value chain are trying to position for this backdrop.

The three stocks covered next are just a small sample of the quantum computing space. The full screen surfaced 23 more companies with similarly interesting narratives that are not included below. If you want to identify and analyze your own highest conviction ideas in this theme, head straight into the Quantum Computing Stocks screener.

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FormFactor (FORM)

Overview: FormFactor designs and sells the probe cards, test systems, and cryogenic tools that chipmakers use to test advanced semiconductors, including AI processors, high bandwidth memory, and quantum computer processor devices. Its products sit behind the scenes in fabs and labs, helping customers validate performance, troubleshoot designs, and manage temperature in highly complex chips.

Operations: FormFactor generates most of its revenue from Probe Cards at about US$747 million, with Systems contributing around US$155 million.

Market Cap: US$9.0b

FormFactor sits in a favorable position for the quantum and AI testing theme, with record quarterly revenue and margins above 50% showing how demand for its high complexity probe cards is feeding through to profitability. The company is closely tied to growth in AI data centers, co packaged optics, and advanced packaging, and has been expanding manufacturing capacity in Texas and through partners in Taiwan to support that demand. On the other hand, earnings remain sensitive to a handful of large memory and HBM customers, rising costs, and trade risks, and the stock trades on a rich P/E multiple. For investors who carefully weigh those risks, the combination of AI exposure and improving margins makes FormFactor a company that may merit closer examination.

FormFactor’s high margin test tools sit at the heart of AI and quantum chips, yet the rich P/E suggests the market may be pricing in more. Get the full picture in the 3 key rewards and 3 important warning signs (1 is major!)

Build your own quantum and AI testing shortlist

FormFactor and the other two quantum stocks in this article all surfaced from a single Simply Wall St screen, but the real edge comes from creating filters that match your own approach. Use our customisable Screener to blend valuation, growth, balance sheet and risk metrics into your own watchlist, or jump straight into our curated Investing Ideas.

GLOBALFOUNDRIES (GFS)

Overview: GLOBALFOUNDRIES is a contract chip manufacturer that produces a wide range of semiconductors for customers, from processors and radio frequency chips to power management devices. It also offers quantum technology solutions tied into advanced computing and AI. The company is involved in efforts to secure chip supply in the US and Europe, supported by its partnership with the US Department of Energy’s Genesis Mission.

Operations: GLOBALFOUNDRIES generates all of its US$6.9b in revenue from semiconductor manufacturing services.

Market Cap: US$27.6b

GLOBALFOUNDRIES provides exposure to the underlying infrastructure of AI data centers, 5G connectivity and quantum research, with foundries in the US and Europe that are connected to CHIPS Act funding and long term supply agreements. Recent earnings have highlighted a higher contribution from AI and data center customers and technologies such as silicon photonics and wafer to wafer bonding. Government grants and equity stakes also indicate the extent to which GLOBALFOUNDRIES is involved in national chip security initiatives. Balancing this are significant capital requirements, reliance on external borrowing and limitations in the most advanced process nodes, which could affect returns if demand changes. For investors considering AI and quantum infrastructure, this combination of policy support, potential opportunities and clearly identifiable risks may merit further research.

GLOBALFOUNDRIES sits at the crossroads of AI demand, national chip security and long term supply deals. Yet the real story may be hiding in its analysis report for GLOBALFOUNDRIES

Viavi Solutions (VIAV)

Overview: Viavi Solutions provides test, monitoring, and security tools that help telecom operators, cloud providers, enterprises, governments, and defense customers build and run complex fiber, wireless, and data center networks, while its optical products business supplies anti counterfeiting and 3D sensing technologies to sectors such as aerospace, automotive, and industrial.

Market Cap: US$9.6b

Viavi Solutions is drawing attention because it sits at the intersection of AI data centers, 6G security, and defense grade timing and sensing, with recent Q4 FY2026 revenue of US$443.1 million, record operating margins, and consistent beats against analyst expectations. The company is pushing into AI driven network validation and 6G security projects funded in Europe, while its μPNT timing modules and PCIe 6.0 test tools target highly technical, high value customers. At the same time, Viavi is still working through a history of losses, relies on external borrowing, faces cyclical carrier spending and integration risk from recent deals, and has seen insider selling and share price volatility. For investors, that combination of fast growing end markets and real execution risks makes the next phase of the Viavi story especially important to scrutinize.

Viavi Solutions sits at the intersection of AI data centers, 6G security and defense grade sensing, yet past losses and borrowing keep many investors cautious. See how the 2 key rewards and 2 important warning signs might change that view.

Seeking Fresh Alternatives Beyond Quantum?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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