Despite quantum technology's commercialization still in its early years, IonQ Inc. (IONQ, Financial) rose on Tuesday, leading gains among quantum technology stocks as investor excitement for the developing sector continues to rise.
Underlining rising investments in quantum technology, Morgan Stanley analysts, led by Joseph Moore more than quadrupled their price target on IonQ to $37 from $14.90. According to analysts, there isn't a specific trigger for the level of equity growth in the quantum computing sector, but there are signs that investment in the technology will keep accelerating rapidly.
As evidence of increasing support for the industry, the company highlighted recent events including a proposed $2.7 billion federal financing bill for quantum technology presented in the U.S. Congress. Morgan Stanley said, however, that the statements shed light on the possible long-term influence rather than near-term income prospects. Even as investors wait for more certain commercialization routes, IonQ's surge captures mounting hope about the transforming power of quantum computing.
