Investing.com – ionQ Inc (NYSE: IONQ) shares rose 8% after the company's CEO Peter Chapman provided an upbeat update on the timeline for delivering value in quantum computing, in contrast to the recent industry skepticism.
The rise in ionQ's stock price comes on the heels of a drop in quantum computing stocks this week, fueled by comments from Nvidia (NASDAQ ) CEO Jensen Huang, who suggested that practical applications of the Quantum technology could be two decades away. In response, Chapman outlined the current and future capabilities of ionQ's quantum systems, emphasizing their potential to solve pressing problems that are currently beyond the reach of classical computing hardware.
Chapman highlighted ionQ's existing #AQ 36 Forte Enterprise systems, which are already helping customers, and the planned launch of #AQ 64 Tempo systems in 2025 and #AQ 256 systems thereafter. He underlined the expected impact on strong ai, where he believes quantum ai will surpass classical ai in performance.
The CEO also highlighted significant investments in the quantum computing sector, citing a global investment milestone of $50 billion by the end of 2023. Big tech companies like amazon (NASDAQ , Google (NASDAQ , NVIDIA, IBM (NYSE:) and Microsoft (NASDAQ:) are actively investing and hiring in this space.
Chapman cited ionQ's leadership in quantum networking, a market he considers as important as quantum computing itself. He noted ionQ's track record of meeting technical and commercial milestones and projected strong results for 2024, aligning with the top end of the company's bookings and revenue guidance.
Looking ahead, Chapman expressed confidence in ionQ's trajectory and predicted profitability by 2030 with sales approaching $1 billion. This statement reflects the company's ambitious goals and its belief in the near-term commercial value of quantum computing.
As the quantum computing industry evolves, ionQ stock's movement today indicates investor confidence in the company's strategy and its growth potential.
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