IonQ, C3ai and Immersion are soaring along with great tech stocks performance 📈

IonQ (IONQ.US) is a company that develops software and hardware for quantum computing. The company develops the Ion quantum computer and programs for generating and optimizing quantum calculations. Its shares rose as Q4 2022 revenue beat expectations and the loss narrowed. The company is not yet profitable, but the high amount of cash with its limited usage and growing revenues has reassured investors. Along with IonQ, shares of other technology companies with lower market capitalizations including C3.ai (AI.US), from the artificial intelligence industry, and Immersion (IMMR.US), from the haptic technology industry, are also gaining thanks to a great Nasdaq performance.

• IonQ's Q4 revenue was $2.6 million, compared to $93,000 in Q4 2021, beating analysts' forecast of $2.39 million. The company reported a net loss of $1.7 million for the quarter but ended the year with $571.3 million held in cash and liquid assets. The financial results were in line with the company's expectations. The market took notice of its product development;
• IonQ Aria is the world's most powerful known quantum computer, and the company intends to eventually make it available to the market. It recently reached a record 23 algorithmic qubits (an 8-fold increase in power). According to Peter Chapman, CEO of IonQ, the company is at the stage of launching a laptop computer with 130000 times the power of the previous version into the cloud;
• Shares of C3.ai, an artificial intelligence company, have come under pressure in recent years due to lack of profitability, negative sentiment around technology companies and interest rate hikes. Investors have recently taken an interest in the shares of Immersion, a haptic technology company that enables the digital transfer of touch. Against the backdrop of C3.ai and IonQ, however, Immersion is a profitable business with high net margins and zero debt, and it also paid a dividend for 2022. Last year, its shares rose more than 30% despite a nearly 35% drop in the Nasdaq.

Chart of IONQ and C3ai. D1 interval. Shares of (IONQ.US) and (AI.US, golden chart), although the companies operate in two different industries the chart illustrates well what damage their valuations have suffered in 2022, which passed under the sign of a hawkish Fed and a diving Nasdaq index. Source: xStation5