Why IonQ Stock Is Plummeting Today
IonQ (NYSE: IONQ) stock is seeing a big pullback Tuesday. The quantum computing specialist's share price was down 10.1% as of 3:25 p.m. ET and had been off as much as 12.4% earlier in the day's trading.
IonQ's valuation is slipping today following news highlighting interest in a Chinese company in the quantum computing space. According to a report from Global Times, Origin Quantum Computing Technology's Wukong machine is generating lots of excitement -- and the interest highlights rising competition in the industry.
Origin Quantum Computing Technology, a Chinese start-up, has reportedly created a prototype machine that features 72 working qubits. The company's Wukong machine has now been visited remotely by 20 million users around the world and been accessed by researchers from 139 countries. For comparison, the machine that IonQ is gearing up to launch this year is said to have 64 working qubits.
Source Fool.com
