IonQ (IONQ) CEO Niccolo de Masi stated during a CNBC interview with Jim Cramer that the era of quantum supremacy, meaning when quantum computers will solve problems impossible for classical computers, is just around the corner. He expects major advances in quantum computing within a few “quarters or within low single-digit years.” This, he says, is generating excitement about how quantum computing will impact every area of applied science.
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A Quick Look at Quantum Computing
IonQ is one of the leading players in the quantum computing space, competing for dominance with others, including Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT). Notably, IonQ is on track to develop both quantum computers and quantum networking equipment. Quantum networking refers to highly secured communication networks that are critical in fields such as banking, government, and telecommunications.
Moreover, the CEO noted that IonQ is racing ahead of China in cracking current encryption methods like RSA, giving it a competitive edge and aligning with national security interests. Over the past year, IONQ stock has surged over 453% on the hope of this breakthrough.
Why Is Quantum Computing the Next Big Thing?
De Masi believes that quantum computing will soon provide a narrow commercial advantage, then progress to broader advantages, and ultimately achieve quantum supremacy. He highlighted that IonQ’s systems operate at room temperature with high accuracy, scale rapidly, and have strong revenue growth.
Quantum technology holds promise for breakthroughs in applications like healthcare and pharmaceuticals, including drug discovery. IonQ has a partnership with Nvidia (NVDA), Amazon Web Services (AMZN), and AstraZeneca (AZN), which aims to explore molecules through a quantum lens.
To conclude, IonQ’s CEO forecasts that quantum supremacy is imminent and will revolutionize applied science sectors by solving problems beyond classical computing’s reach, with real-world applications emerging soon. There is growing interest in quantum computing from Wall Street and tech giants such as Alphabet (GOOGL), Microsoft (MSFT), Amazon, and IBM (IBM), as well as from the U.S. government, underscoring the commercial and scientific potential of this technology.
Is IONQ Stock a Buy, Hold, or Sell?
On TipRanks, IONQ stock has a Strong Buy consensus rating based on five Buys and one Hold rating. The average IONQ price target of $43 implies 2.1% downside potential from current levels.
