Why IonQ, Inc. (IONQ) Is Among Last Week’s Biggest Losers?

We recently published a list of These 10 Firms Were Last Week’s Biggest Losers. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against other firms that were last week’s biggest losers.

Ten companies fell significantly last week, mirroring a broader market downturn, as investors sold off positions following disappointing news and data that weighed heavily on market sentiment.

On Friday, the Dow Jones recorded its largest weekly drop, falling 1.07%, while the S&P’s main index and Nasdaq declined by 0.71% and 0.62%, respectively.

To come up with this week’s top decliners, 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)

Despite booking a 6.88-percent gain on Friday versus Wednesday’s trading, shares of IonQ, Inc. (NYSE:IONQ) on a week-on-week basis marked a 25.51-percent decline, ending Friday at $32.33 versus the $43.4 registered a week prior.

The company suffered a significant speed bump after Nvidia Corp. CEO Jensen Huang announced during the recently concluded CES show that the practical use of quantum computers may not be until 15 to 30 years from now.

But the Nvidia chief said that he thinks the AI chipmaker will play a significant role in the development of quantum computers, and push it toward getting there as fast as possible.

IonQ, Inc. (NYSE:IONQ), along with sectors that stand to benefit from the booming AI such as quantum computing and nuclear energy, similarly lost portions of their valuations.

Overall, IONQ ranks 2nd on our list of firms that were last week’s biggest losers. 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 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.