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We recently published a list of 10 Stocks Kick Off Trading Week With Losses. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against other stocks kick off trading week with losses.
Wall Street’s main indices began the shortened trading week on a lackluster note, albeit finishing in the green, as investors continued to digest corporate earnings results.
The S&P 500 led the charge, recording a modest 0.24 percent gain. However, the Dow Jones and the tech-heavy Nasdaq posted gains of only 0.02 percent and 0.07 percent, respectively.
Ten companies performed poorly on Tuesday amid a series of negative catalysts that disappointed investors. In this article, we identified the 10 worst performers and detailed the reasons behind their drop.
To come up with the list, 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) fell for a second day on Tuesday, losing 9.4 percent to finish at $33.94 apiece as investors feared news of growing competition in the quantum computing industry, particularly with the advancements of Chinese players such as Origin Quantum Computing.
According to reports on Tuesday, Origin Quantum Computing created a prototype machine that features 72 working qubits, higher than the 64-working qubits machine that IONQ was gearing up to launch this year.
The report added that the Chinese company’s prototype machine received over 20 million remote visits and was accessed by researchers from 139 countries.
IonQ, Inc. (NYSE:IONQ) is also set to make a huge leap in developing and launching a 256-qubit system this year but is now hanging in the balance of high expectations.
Overall, IONQ ranks 3rd on our list of stocks kick off trading week with losses. While we acknowledge the potential of IONQ as an investment, our conviction lies in the belief that some 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 as promising as 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.