Why IonQ Stock Soared 42% in July
Shares of IonQ (NYSE: IONQ) climbed 42% in the month of July, according to data provided by S&P Global Market Intelligence, extending its momentum despite an analyst downgrade after the quantum computing leader secured encouraging new partnerships and raised its full-year outlook.
As it stands, the leading quantum computing stock is now up over 400% year to date as of this writing.
The gains came after IonQ unleashed a bevy of encouraging press releases throughout the month of June that likely contributed to its sustained momentum last month. On June 1, IonQ successfully demonstrated the world's first quantum cognition models in a new research paper, showing that basic human decision-making tasks can be run on quantum computers as circuits. Then on June 22, the company not only launched its most powerful quantum system, IonQ Forte, for commercial use worldwide, but also unveiled a new partnership with fellow industry leader QuantumBasel to jointly establish a European quantum data center with two systems focused on Europe's industry, government entities, and research institutes. IonQ simultaneously credited the latter development for increasing its full-year 2023 booking expectations to a range of $45 million to $55 million (up from $38 million to $42 million previously).
Source Fool.com
