Why IonQ, Inc. (IONQ) Dominated Last Week’s Rally

We recently compiled a list of the These 10 Firms Dominated Last Week’s Rally. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against the other stocks that dominated last week’s rally.

Last week saw a strong trading finish with Wall Street’s main indices all settling in the green territory ahead of President-elect Donald Trump’s return to the White House.

Week-on-week, the Dow eked out a 3.81-percent gain, the S&P rallied 3.79 percent, while the Nasdaq increased by 3.84 percent.

Last week, 10 companies from diverse sectors outpaced their peers. Let’s take a closer look at which publicly-listed firms led the charge and what fueled their impressive performance.

For this week’s list of the 10 biggest advancers, we focused exclusively on companies with a market capitalization of at least $2 billion and a minimum trading volume of $5 million.

A quantum computer on a countertop in an engineering laboratory with a technician at work.

IonQ, Inc. (NYSE:IONQ)

Despite suffering a sell-off on Friday, share prices of IonQ, Inc. (NYSE:IONQ) remained higher by 32.91 percent week on week, with investor sentiment buoyed by statements from Microsoft’s strategic missions and technologies chief Mitra Azizirad, who highlighted the emergence of a dependable era in quantum computing.

Earlier last week, Azizirad urged the sector to get ready because “we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value.”

Azizirad’s statement bucked a bearish comment from Nvidia Corp. CEO Jensen Huang and Meta Platforms CEO Mark Zuckerberg who shares the same view that the practical use of quantum computers will only be felt 15 to 30 years away. Their statements both took a toll on quantum computing firms’ share prices, including IonQ, Inc. (NYSE:IONQ).

Overall IONQ ranks 5th on our list of the firms that dominated last week’s rally. 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.

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