IonQ rises as it hits new quantum computing world record

[Quantum Computing Logistics, Quantum Physics, Quantum mechanics]
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* IonQ (NYSE:IONQ [https://seekingalpha.com/symbol/IONQ]) shares rose 3.5% in premarket trading on Tuesday after the quantum computing firm announced [https://seekingalpha.com/pr/20272769-ionq-achieves-landmark-result-setting-new-world-record-in-quantum-computing-performance] it had hit a new world record.
* The College Park, Md.-based firm released two scientific papers that showed it had achieved 99.99% two-qubit gate performance, representing a significantly low error rate. In setting this performance, IonQ becomes the first quantum computing company to cross the “four-nines” benchmark and surpassed the previous record, held by Oxford Ionics, which was set last year.
* IonQ completed its $1.07B acquisition of Oxford Ionics last month; the deal was announced [https://seekingalpha.com/news/4456424-ionq-to-acquire-oxford-ionics-for-1075b-in-cash-and-stock-deal] in June.
* “Reaching four-nines fidelity is a watershed moment for IonQ’s quantum leadership,” said Niccolo de Masi, Chairman and CEO of IonQ. “This level of quantum performance has been the industry’s north star for decades and crossing it brings fault-tolerant quantum systems years closer to mass market adoption. For our global customers, it means unlocking more value from quantum computing sooner, while dramatically lowering the cost and complexity of large-scale systems.”
* IonQ shares have risen 39% year-to-date and 306% over the past 12 months.

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