IonQ, Inc. (IONQ) experienced a dramatic decline in its stock price on January 8, 2025, closing at $30.25, a steep 39% drop from the previous close of $49.59. The stock opened at $38.75 and reached a high of $39.00 before plummeting to a low of $25.92. This significant sell-off was primarily triggered by comments from Nvidia's CEO, Jensen Huang, who expressed skepticism about the near-term viability of quantum computing, suggesting that "very useful" quantum computers might be 15 to 30 years away. Huang's remarks, made during Nvidia's analyst day, cast doubt on the immediate commercial potential of quantum computing, leading to a sharp sell-off in the sector, including IonQ.
The trading volume for IonQ was exceptionally high, with 123,151,828 shares changing hands, representing 459.33% of the average daily volume. This heightened activity reflects the market's reaction to Huang's comments, compounded by broader market pressures, including rising U.S. Treasury yields, which have created a challenging environment for high-growth tech stocks. Despite IonQ's recent strategic moves, such as the acquisition of Qubitekk and participation in CES 2025, the negative sentiment overshadowed these developments.