Published on 20 Mar 2024 on Zacks via Yahoo Finance
IONQ and SC Quantum Collaborate to Boost Quantum Computing
IonQ IONQ recently inked a deal with South Carolina Quantum (SC Quantum). Per the agreement, IONQ and SC Quantum will work together for the advancement of the quantum ecosystem in South Carolina. It aims to offer enhanced quantum computing capabilities and professional services for the partners of SC Quantum, including enterprises, startups, industries and academic institutions.SC Quantum was established to fuel the advancement of quantum talent and technology in South Carolina.The alliance is likely to foster the initiative of South Carolina to build a “quantum-focused” workforce and introduce “quantum-smart” technologies in the state. In an effort to develop quantum-specific knowledge across various sectors in the state, the companies will create quantum-specific academic coursework.The aim is to train individuals in harnessing the power of growing quantum computing technologies in the market, significant for developing the state’s economy.In today’s dynamic tech backdrop, quantum computing is one of the most evolving technologies. It has the potential to perform several types of calculations at a faster speed with precison, taking advantage of quantum mechanics phenomena. These new-age computers harness the power of quantum tunneling and quantum entanglement to create multi-dimensional spaces and solve complex problems.Per a report by Fortune Business Insights, the quantum computing market size is projected to go from $928.8 million in 2023 to $6,528.8 million by 2030, at a CAGR of 32.1%. Government organizations across the globe are injecting substantial investments in the development of quantum technologies to encourage industries to benefit from this advanced computing technology.IonQ is one of the prominent providers of quantum computing and general-purpose quantum computing systems. Recently, IonQ established its first quantum manufacturing facility in the country in Seattle, WA.IONQ’s latest quantum computer IonQ Forte was made available on Amazon Braket, which is Amazon Web Services’ quantum computing service, in the fourth quarter of 2023. The cutting-edge system, comprising 36 algorithmic qubits, got recognition in Fast Company’s 2023 Next Big Things in Tech List and Deloitte’s 2023 Technology Fast 500 List, respectively.IONQ currently carries a Zacks Rank #3 (Hold). In the past year, the stock has gained 89.7% compared with the Zacks sub-industry’s growth of 40.3%.
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