Why IonQ, Inc. (IONQ) is Wednesday’s Top Gainer?

We recently published a list of Bitcoin Miners, Quantum Computing Lead Rally: A Look at Wednesday’s Top 10 Gainers. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands among other Wednesday’s top gainers that lead rally.

Wall Street’s main indices closed in the green territory on Wednesday, posting gains of more than 1 percent as investors cheered news of a tamed inflation rate for November.

The Dow Jones jumped by 1.65 percent, while the S&P 500 surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.

Ten companies mirrored the broader market optimism, led by the quantum computing and bitcoin mining sectors. Today, let’s take a look at what buoyed investor sentiment for each of the top gainers.

To come up with Wednesday’s top advancers, 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) jumped by 33.48 percent on Wednesday to close at $39.39 each following a boost in the quantum computing sector, thanks to a bullish outlook from Microsoft.

On Wednesday, Microsoft’s strategic missions and technologies chief Mitra Azizirad highlighted the emergence of a dependable era in quantum computing, urging the sector to get ready because “we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value.”

In other news, investor confidence was helped by news that it clinched a $1-billion deal with the state of Maryland to make the state the home of quantum computing.

As part of the deal, IonQ, Inc. (NYSE:IONQ) will expand its headquarters into a 100,000-square-foot facility that will house a data center, laboratories, and office space at the University of Maryland.

IonQ President and CEO Peter Chapman said that the deal is expected to support cutting-edge research, innovation, economic growth, and create more jobs.

Overall, IONQ ranks 1st on our list of Wednesday’s top gainers that lead rally. While we acknowledge the potential of IONQ as a leading investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as 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 is originally published at Insider Monkey.