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The quantum computing revolution is gaining momentum, and IonQ (IONQ) has emerged as the potential kingmaker in this transformative space. J.P. Morgan just initiated coverage on the company, noting that its strategic approach mirrors Nvidia's (NVDA) dominance in the artificial intelligence chip market.
The investment bank set a December 2026 price target of $47 while maintaining a “Neutral” rating, citing valuation concerns even as it praised the company's positioning. Valued at a market cap of $14.2 billion, IONQ stock trades at about $39 and is up 20% in the past 52 weeks but down 6% year-to-date (YTD).