We recently published a list of 10 Tech, Energy Stocks Are Wednesday’s Worst Performers. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against other tech, energy stocks are Wednesday’s worst performers.
Ten technology and energy companies suffered a bloodbath on Wednesday, primarily due to profit-taking following the previous day’s gains and bearish comments surrounding the progress of quantum computing development.
In this article, we will look at the performance of some of the worst-performing companies and explore the factors behind their decline.
We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top losers.
A quantum computer on a countertop in an engineering laboratory with a technician at work.
IonQ, Inc. (IONQ)
IonQ, Inc. (NYSE:IONQ) shares dropped by a whopping 39 percent or $19.34 on Wednesday, finishing the day at $30.25 as investor sentiment was dampened by Nvidia Corp. CEO Jensen Huang’s statement that the practical use of quantum computers is still 15 to 30 years away.
“If you said 15 years for very useful quantum computers, that would probably be on the early side,” Huang said. “If you said 30, it’s probably on the late side. But if you picked 20, I think a whole bunch of us would believe it.”
The Nvidia chief said 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.
Overall, IONQ ranks 2nd on our list of tech, energy stocks are Wednesday’s worst performers. 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.