Why Is IonQ Stock Soaring Today?
Key Points
A major banking institution announced plans to invest billions into key industries like quantum computing.
IonQ and other pure-play quantum computing stocks saw shares fly as investors digest the news.
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Shares of IonQ (NYSE: IONQ) are jumping on Monday, up 19.3% as of 2:05 p.m. ET. The spike comes as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) both saw green.
A leader in the quantum computing space, IonQ's stock is gaining after JPMorgan Chase announced this morning that it will invest $10 billion in industries and technologies it considers strategically important as part of its Security and Resiliency Initiative. Quantum computing is one of 27 it named.
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In a statement, CEO Jamie Dimon said that the U.S. is behind in key areas, and that its "security is predicated on the strength and resiliency of [its] economy. America needs more speed and investment."
Image source: Getty Images.
IonQ is trading on promise
Investors are a bit too optimistic at the moment, in my view. The valuations of quantum computing stocks are soaring to heights disconnected from reality. There is no question that there is enormous potential in quantum computing, but there is a lot we still don't know, and at this point, its development is more a matter of pure research and science than it is practical engineering.
IonQ's $27 billion market cap is hard to justify with trailing-12-month sales of $52.4 million.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.
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