Is IonQ, Inc. (IONQ) Among Tuesday’s Top Gainers?

We recently published an article titled 10 Firms Post Impressive Gains on Tuesday. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against the other firms.

Ten companies posted significant gains on Tuesday, mirroring the upward movement of two key Wall Street indices. The Dow Jones Industrial Average rose by 0.52%, while the S&P 500 edged up by 0.11%.

A combination of positive catalysts—including strategic partnerships, strong earnings reports, and favorable analyst outlooks—helped drive their performance. In this article, we highlight the top 10 gainers and explore the factors behind their impressive gains.

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.

IonQ, Inc. (NYSE:IONQ)

IonQ, Inc. (NYSE:IONQ) saw its shares rise by 5.92 percent to finish Tuesday’s trading at $29.51 apiece after the company announced on the same day 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.

“The Governor’s commitment is a testament to his vision for the pivotal role that quantum science will play in the state’s economic development and technological leadership,” Chapman added. “This investment will also enhance our collaboration with the University of Maryland to solidify the region as a global leader in quantum innovation.”

Overall IONQ ranks 9th on our list of Tuesday’s top gainers. 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 more promising than IONQ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.