IonQ, D-Wave, and Rigetti shares fall 6-8% amid broader market pullback driven by geopolitical tensions and oil price spikes.
Quantum computing stocks led declines in early trading, with IonQ (IONQ) dropping 8% to $39.52 as risk-off sentiment weighed on high-beta sectors. D-Wave (QBTS), Rigetti (RGTI), and Quantum Computing (QUBT) each fell 6%, settling at $18.85, $1560, and $8.18, respectively.
The sell-off coincides with a 1.48% decline in the NASDAQ 100-tracking QQQ ETF, though the QTUM ETF’s diversified holdings limited its loss to 2.42%. IonQ’s 103x P/E ratio and 3.23 beta amplified its vulnerability despite reporting a 755% year-over-year revenue surge in Q1.
No company-specific news triggered the move, with macroeconomic factors—including Strait of Hormuz tensions and rising oil prices—driving the broader pullback in speculative tech stocks.