IonQ Stock Is Trading Higher Tuesday: What's Going On?

IonQ Inc IONQ shares are in the spotlight Tuesday amid developments across the quantum computing industry. The company will discuss commercial momentum in the quantum space at a quantum conference on Tuesday. Here’s what you need to know.

What To Know: Quantum stocks are in the spotlight Tuesday after Alphabet Inc GOOG unveiled a new quantum computing chip called “Willow.”

Willow can reduce errors exponentially as it scales, marking a breakthrough in quantum error correction that has been pursued for nearly 30 years, according to Google. The quantum chip performed a standard benchmark computation in under five minutes that would take one of today's fastest supercomputers 10 septillion years, Google said in a blog post.

“This mind-boggling number exceeds known timescales in physics and vastly exceeds the age of the universe,” the company said.

Quantum computers are expected to be able to process much bigger volumes of data than traditional computers by using qubits instead of bits, which are limited to ones and zeroes. Being able to process higher volumes of data could potentially lead to more breakthroughs in critical research areas.

Quantum computing company IonQ announced that it will discuss go-to-market partnerships and commercial momentum in the quantum space at Q2B24 on Tuesday with General Dynamics Information Technology.

“IonQ looks forward to connecting with the broader quantum industry at Q2B to discuss the latest trends shaping the future of quantum computing—AI, hybrid application workflows, full-stack quantum systems, networking and more,” said Peter Chapman, president and CEO of IonQ.

“Q2B caps off a year of tremendous business growth and technical progress for IonQ, and we look forward to sharing the work our researchers, application teams, and partners have accomplished over the last twelve months.”

Check This Out: Google’s Willow Quantum Computing Chip Sparks Stellar Conversation Between Elon Musk And Sundar Pichai: ‘Most Obvious Path Is Staring At Our Eyes’

IONQ Price Action: IonQ shares were up 5.32% at $36.06 at the time of publication Tuesday, per Benzinga Pro.

Photo: courtesy of IonQ.