IonQ (IONQ) Rallies as Fed Rate Cuts to Benefit Firm

We recently published 10 Stocks Beating Wall Street at its Own Game. IonQ Inc. (NYSE:IONQ) is one of the top performers of Tuesday.

Shares of IonQ Inc. (NYSE:IONQ) grew as much as 5.8 percent on Tuesday before paring gains towards the close, mirroring a wider market optimism as investors weighed the benefits of upcoming interest rate cuts.

Last week, the Federal Reserve signaled that it would likely cut rates beginning next month—a move that could benefit growth-oriented firms through lower borrowing costs. Investors were quick to load up positions into sectors that stand to benefit from the move, including quantum computing firms, where a number of companies remain in pre-revenue stages and rely solely on debt to fund expansion plans.

In other developments, IonQ Inc. (NYSE:IONQ) announced earlier that it officially surpassed 1,000 total intellectual property assets in its portfolio, giving the company a stronger edge in its race to build quantum computers.

According to IonQ Inc. (NYSE:IONQ) Chairman and CEO Niccolo de Masi, the company’s robust and growing portfolio of patents positions itself “to continue to develop scalable, high-performance, cost-effective systems that accelerate the timeline for unparalleled commercial quantum advantage.”