Here’s Why IonQ, Inc. (IONQ) Is Among Monday’s Top Losers

We recently compiled a list of the 10 Firms Drop on Bearish Statements, Disappointing Earnings. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against the other stocks.

Ten companies—mostly under the quantum computing sector—kicked off the trading week leading declines amid not-so-optimistic statements from chief executives and disappointing earnings updates that have weighed in on investor sentiment.

Meanwhile, Wall Street’s main indices ended mixed, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.

To come up with Monday’s top losers, 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)

IonQ, Inc. (NYSE:IONQ) shares, alongside its quantum computing peers, tanked by 13.85 percent on Monday to close at $27.86 each as investor sentiment was weighed down by Meta Platforms CEO Mark Zuckerberg’s not-so-optimistic statement on quantum computers.

Zuckerberg joined Nvidia Corp. CEO Jensen Huang in having a more conservative outlook for quantum computing stocks. The statements indicated that quantum computing shares’ current valuations are currently overvalued.

“I’m not really an expert on quantum computing, but my understanding is that’s still quite a ways off from being a very useful paradigm,” he said during an appearance on Joe Rogan’s podcast published on Friday, adding that many people think the technology is likely a “decade plus out.”

Overall IONQ ranks 3rd on our list of Monday’s top losers. While we acknowledge the potential of IONQ as an 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 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 is originally published at Insider Monkey.