Tech Firms Dominate Monday’s 10 Worst Performers

7. IonQ Inc. (NYSE:IONQ)

IonQ saw its share prices decline by 2.84 percent on Monday to finish at $25.35 apiece as investor sentiment was weighed down by the potential impact on the company of China’s move to ban rare earth mineral exports.

Rare earth minerals are crucial in the production of semiconductors which are vital for quantum computing stocks like IONQ.

Investors also appeared to have discounted news of IONQ’s newly clinched deal with Japan-based G-QuAT to collaborate on the advancement of quantum computing technologies in the Asian country.

“Our expanded alliance … marks an important step in IONQ’s global expansion and deepens our engagement with the Japanese quantum market,” said IONQ President and CEO Niccolo de Masi in a news release. “We look forward to our further collaboration with G-QuAT to explore new quantum computing applications that can deliver transformative outcomes across industries.”

According to the release, Japan is making substantial progress toward its quantum computing goals with over $1.8 billion in public funding already announced and multiple government-sponsored research labs commissioned as of 2024.