Bitcoin Miners, Quantum Computing Lead Rally: A Look at Wednesday’s Top 10 Gainers

1. 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.

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 timeframe. 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.