DMYI - Is Quantum Computing Startup IonQ a Buy Ahead of Its SPAC Merger?
Special purpose acquisition company ( SPAC ) dMY Technology Group III (NYSE: DMYI) recently announced that it will be merging with quantum computing start-up IonQ. A number of quantum computing deals and developments have been revealed over the last couple of years that indicate that this futuristic tech could be nearing broader-based commercialization. IonQ is one of the few pure-plays in a space dominated by technology giants. It's an interesting company to keep an eye on at the very least, but investors should stay patient ahead of its public debut.
Traditional computers store and manipulate bits of data in a binary state, recording it in strings of 1s and 0s. Quantum computing introduces quantum mechanics into the equation. At the atomic and subatomic level, particles can simultaneously exist in more than one state at any given time -- kind of like if a version of yourself went to work and stayed home at the same time. Quantum computing makes use of quantum bits -- aka, qubits. Qubits are small metal conductors on a microchip, and their energy states (a 1 or a 0 in traditional computing) are manipulated using microwaves.
Qubits, though, can hold onto states that are some combination of "1" and a "0" at the same time. (Think 84% "1", and 16% "0", for example. But any proportions are possible.) Because of this, quantum computers can perform computations exponentially faster than traditional computers are capable of. Qubits are unstable, however, and the machines that use them require special care to avoid errors in computing. Still, progress is being made toward "quantum supremacy," the point at which a quantum computer can solve certain types of equations quickly that traditional supercomputers can't solve in a reasonable amount of time.
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Is Quantum Computing Startup IonQ a Buy Ahead of Its SPAC Merger?