We recently compiled a list of the 10 Firms Kick Off Trading Week Soaring. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against the other stocks.
Wall Street’s main indices kicked off the trading week soaring on Tuesday amid a series of catalysts from President Donald Trump’s inauguration event that fueled investor sentiment.
The Dow rose by 1.24 percent, the S&P 500 rose 0.88 percent, while the Nasdaq Composite increased 0.64 percent.
On Tuesday, 10 companies—mostly under the space exploration, energy, and quantum computing sectors—registered the highest gains. In this article, let’s take a look at their impressive performance.
To come up with Tuesday’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.
Shares of IonQ Inc. (IONQ) jumped by 16.57 percent on Tuesday to close at $45.31 each as investors took heart from news that President Donald Trump is due to announce a $500 billion support to the private sector to fund artificial intelligence infrastructure.
IonQ (IONQ), a leader in quantum computing technology crucial to the rapid advancement of AI, has benefited from the booming AI sector in recent months.
The company is part of a growing ecosystem fueled by major players like OpenAI, which recently formed a partnership with SoftBank and Oracle, for a joint venture company called Stargate, with an initial $100 billion investment and plans to commit up to $500 billion over the next four years to propel the AI industry.
Investment in AI began to surge since OpenAI launched ChatGPT in 2022, as companies across various sectors seek to integrate artificial intelligence into their products and services.
Overall IONQ ranks 8th on our list of the firms that kicked off the trading week soaring. 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 as promising as IONQ but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap
Disclosure: None. This article is originally published at Insider Monkey.
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