The U.S.-China technology race is intensifying into a sweeping contest over artificial intelligence, quantum computing, semiconductors, critical minerals, and strategic supply chains.
Washington is preparing to urge countries participating in U.S.-led AI cooperation to choose between competing American and Chinese technology ecosystems, according to a Reuters report from August 14.
The effort builds on Pax Silica, a U.S.-led initiative aimed at securing supply chains for AI, semiconductors, and critical minerals across allied nations.
Against this backdrop, four stocks offer significant exposure to different layers of the emerging U.S.-led advanced-technology ecosystem: NVIDIA (NVDA), Micron Technology (MU), D-Wave Quantum (QBTS), and Rigetti Computing (RGTI).
The International Monetary Fund projects 3% global GDP growth in 2026, while China’s economy is expected to expand 4.6%, according to its July Economic Outlook.
The IMF also notes that AI-driven demand is supporting economies integrated into the global technology value chain, even as the Middle East conflict weighs on activity and global disinflation has stalled.
The Federal Reserve maintained the federal funds target range at 3.5% to 3.75% on July 29, noting that inflation remained elevated relative to its 2% goal while productivity growth and capital investment stayed strong.
U.S. nonfarm payrolls fell by 23,000 in July, sharply below expectations, although the unemployment rate edged down to 4.1% as labor-force participation declined, according to the U.S. Bureau of Labor Statistics.
NVIDIA (NVDA) remains the dominant supplier of accelerated computing for AI infrastructure, with fiscal first-quarter 2027 revenues surging 85% year over year and Data Center revenues jumping 92%.
The company guided fiscal second-quarter revenues of approximately $91 billion, though the outlook assumes no Data Center compute revenues from China, with results due August 26.
NVDA carries a Zacks Rank of 2 (Buy), with projected earnings growth of 99.1% for the fiscal second quarter and an average analyst price target of $305.85, representing a 35.93% premium to its last closing price of $225.01.
Micron Technology (MU) provides critical exposure beyond accelerators, with fiscal third-quarter 2026 revenues soaring to $41.46 billion from $9.30 billion a year earlier.
Cloud Memory revenues climbed to $13.77 billion and Core Data Center revenues reached $11.52 billion, reflecting what Micron described as the strategic value of memory in the AI era.
MU also carries a Zacks Rank of 2, with projected earnings growth of 935.9% for the fiscal fourth quarter, and an average price target of $1,496.09 against a last closing price of $1,011.75.
D-Wave Quantum (QBTS) reported first-half 2026 bookings surging 1,120% year over year, with production applications accounting for 37.3% of quantum-computing-as-a-service revenues, up from 9.8% a year earlier.
QBTS holds a Zacks Rank of 3 (Hold), with projected earnings growth of 82.9% for the third quarter of 2026, and an average price target of $35.79 versus a last closing price of $20.87.
Rigetti Computing (RGTI) posted second-quarter 2026 revenues of $5.1 million, up from $1.8 million a year earlier, and ended the quarter with $541.3 million in cash, equivalents, and available-for-sale investments.
The company also signed a U.S. Department of Commerce letter of intent for up to $100 million over three years to support quantum research and development.
RGTI carries a Zacks Rank of 3, with projected earnings growth of 71.9% for 2026 on revenue growth of 246.4%, and an average analyst price target of $29.55 compared to a last closing price of $18.67.
