Why IonQ, Inc. (IONQ) Is Skyrocketing

We recently compiled a list of the 10 Firms Shine Amid Wall Street’s Lackluster Trading. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against the other stocks.

A lackluster trading persisted throughout Thursday, with Wall Street’s main indices ending the day with only marginal changes.

The Dow Jones Industrial Average dipped by 0.16 percent, while the S&P 500 shed 0.21 percent, and the Nasdaq Composite declined by 0.89 percent.

Meanwhile, 10 companies bucked an overall dull trading, having posted impressive gains. Let’s take a closer look at the top performers and explore the factors driving their exceptional results.

To come up with Thursday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A quantum computer on a countertop in an engineering laboratory with a technician at work.

IonQ, Inc. (NYSE:IONQ)

Shares of IonQ, Inc. (NYSE:IONQ) rose for a third consecutive day to end Thursday’s trading up by 5.48 percent at $41.55.

Investor sentiment continued to be buoyed by a more positive outlook for the quantum computing sector from Microsoft’s strategic missions and technologies chief Mitra Azizirad, who highlighted the emergence of a dependable era in quantum computing.

Earlier this week, Azizirad urged the sector to get ready because “we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value.”

It can be recalled that quantum computing stocks took a beating over the past few weeks following bearish statements from chief executives of Nvidia Corp. and Meta Platforms that the practical use of quantum computers will only be felt 15 to 30 years away.

Overall IONQ ranks 8th on our list of the stocks that skyrocketed today. While we acknowledge the potential of IONQ as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than IONQ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article was originally published at Insider Monkey.