IonQ (IONQ) made a major advancement in quantum computing technology recently. The company has disclosed a prototype for its next-generation ion trap vacuum package, a key step toward making compact, more efficient, and room-temperature quantum systems. The move aims to eliminate the need for cryogenic cooling systems, generally required for quantum computers, thereby reducing energy usage and operational costs.
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This new technology includes an assembly chamber capable of producing mini vacuum packages that can maintain extreme high vacuum (XHV) levels, comparable to the vacuum found on the moon’s surface.
It is worth noting that this new technology has the potential to make IonQ’s quantum systems more sustainable and cost-effective, which can help boost demand. Further, the smaller, more compact quantum systems are easier to build, install, and maintain. Moreover, the modular and replaceable parts simplify design and maintenance, reducing complexity and overhead.
Quantum Computing Race Heats Up
The competition between companies in the quantum computing industry is heating up, with tech giants like D-wave Quantum (QBTS), IBM (IBM), Microsoft (MSFT), and IonQ all pushing for breakthroughs. Companies are looking to develop more powerful and efficient quantum computers to strengthen their position in the industry.
Apart from IonQ’s latest development, Microsoft introduced its Majorana 1 chip last week. The chip uses advanced qubits to enhance stability and scalability. These advancements highlight the rapid growth of the industry as companies compete to lead in the quantum computing space.
Is IonQ a Good Stock to Buy?
Turning to Wall Street, IONQ stock has a Moderate Buy consensus rating based on four Buys and two Holds assigned in the last three months. At $44.20, the average IonQ price target implies a 39.26% upside potential.
