10 Best AI Stocks to Buy According to Reddit

5. IONQ Inc. (NYSE:IONQ)

Number of Hedge Fund Holders: 17

IONQ Inc. (NYSE:IONQ) is dedicated to building the world’s most powerful quantum computers. By leveraging advanced trapped-ion technology, it aims to unlock the potential of quantum computing in order to revolutionize industries such as healthcare, materials science, and AI.

The company reported a strong third quarter in 2024, exceeding revenue expectations with a 102.09% year-over-year revenue improvement. It secured $63.5 million in new contract bookings, including a significant $54.5 million contract with the US Air Force Research Lab (AFRL). The AFRL contract will focus on developing quantum networking technologies, which include compatibility with existing infrastructure, interoperability with various quantum devices, and deployment in diverse environments.

IONQ Inc. (NYSE:IONQ) and the University of Maryland have partnered to advance quantum computing research. The $9 million agreement will provide the University with access to the company’s advanced quantum computers at the National Quantum Lab (QLab). This will help foster innovation and develop a skilled quantum workforce. This company is therefore at the forefront of the quantum computing revolution. With a strong focus on research and development, and strategic partnerships, it’s poised to shape the future of technology.