Options Traders Target Quantum Stock After G7 Summit

Groundbreaking partnerships were formed for the future of quantum technology

Deputy Editor
May 22, 2023 at 2:44 PM
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Options traders are blasting IONQ Inc (NYSE:IONQ) today, as quantum computing becomes a hot topic of conversation after yesterday's G7 summit in Japan. A $100 million plan involving IBM (IBM), the University of Chicago, and the University of Tokyo to develop blueprints for a quantum-centric supercomputer powered by 100,000 qubits was revealed.

There's also a strategic partnership between both universities and Alphabet's (GOOGL) Google, with the tech giant investing $50 million over 10 years. Plus, over the weekend, Nvidia (NVDA), Rolls-Royce, and quantum software name Classiq announced a computing breakthrough related to jet engines. 

IONQ is up 22.2% at $10.85 at last glance, earlier hitting a 52-week high of $11.31. The industry started to generate buzz at the start of the month, and the stock has only had two negative closes since May 3. 

So far, 21,000 calls and 8,094 puts have been exchanged, which is already five times the average daily volume. The June 10 call is the most active contract, followed by the July 12.50 call, with new positions being bought to open at the latter. 

It's worth noting that short interest represents a hefty 12.6% of the stock's available float. It would take over five days for shorts to cover their bets, at IONQ's average pace of trading. 

 

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