Markets
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Claire Yubin Oh

IONQ rises after signing agreement with Department of Energy to advance the development and deployment of quantum tech in space

IonQ shares are 6% higher in pre-market trading on Thursday after the quantum computing company signed a memorandum of understanding with the US Department of Energy “to advance the development and deployment of quantum technologies in space.”

Per the “understanding”, IonQ will design and execute an orbital demonstration of quantum-secure communications using its satellite platform, as well as explore other quantum applications in space.

“This Collaboration is about turning possibility into practice and learning by doing,” said Rima Kasia Oueid, DOE Senior Commercialization Executive and lead architect of the Quantum-in-Space Collaboration. “By bringing in new partners, we are accelerating commercialization, demonstrating applications like secure quantum communications, advanced quantum PNT, and quantum sensing, and expanding America’s role in the space economy."

Alongside IonQ, the DoE announced new partnerships with Honeywell and the Electric Power Board of Chattanooga as part of its Quantum-In-Space initiative, an effort to push US leadership in space-based quantum technologies. Other stocks in the sector, such as Rigettiand D-Wave Quantum are also rising more modestly this morning, with the latter building on yesterday’s 18% gain, which came as part of a wave of bullish options bets.

Separately, yesterday, IonQ announced plans to acquire quantum sensor company Vector Atomic in an all-stock deal worth approximately $400 million, which Needham analysts said could help support IonQ secure government contracts and projects in the future.

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AMD posts top and bottom line beat in Q3 with Q4 sales guidance ahead of estimates

Advanced Micro Devices reported third-quarter results that exceeded analysts’ expectations on the top and bottom lines, with guidance to match.

  • Adjusted diluted earnings per share: $1.20 (estimate: $1.17)

  • Revenue: $9.25 billion (estimate: $8.74 billion, guidance for $8.4 billion to $9 billion)

  • Data center revenue: $4.34 billion (estimate: $4.14 billion)

  • Adjusted gross margin: 54% (estimate: 54%, guidance for 54%)

Its Q4 guidance for sales of $9.3 to $9.9 billion was strong relative to the anticipated $9.2 billion, while its adjusted gross margin outlook of 54.5% is bang in line with estimates.

Even so, shares are off about 2% in after-hours trading as of 4:24 p.m. ET.

“AMD's strong 3Q sales beat and 4Q outlook were likely driven by stronger PC and server CPU demand — similar to Intel's results — along with continued share gains,” write Bloomberg Intelligence analysts Kunjan Sobhani and Oscar Hernandez Tejada. “The GPU ramp-up remains ahead of expectations, aided by a gaming rebound.”

AMD has had a high-profile Q4 so far, striking a megadeal with OpenAI that its CFO said “is expected to deliver tens of billions of dollars in revenue.” That announcement prompted more than 20 price target hikes from Wall Street analysts in a 24-hour span.

The company followed that up with a pact with Oracle, which said it would deploy 50,000 of AMD’s new flagship chips in data centers starting in the second half of next year. On the upcoming conference call, the Street will be looking for as much color as possible on the sales outlook for those MI450 chips.

Ahead of this release, Morgan Stanley analyst Joseph Moore wrote:

The focus should remain on MI450. AMD's rack scale solution shipping next year is the key, and we are excited to see what the company can do. It's still early to make market share assessments, and while the Open AI agreement is clearly an accelerant, the reliance on cloud providers to ramp those 6 gigawatts still creates some uncertainty. Ultimately, to drive share gains, the company will need to provide better ROI than NVIDIA can offer, and customers still raise questions about that given lower rack density and the need to resolve ecosystem issues.

The chip designer was the third-best performing member of the VanEck Semiconductor ETF in 2025 heading into this report, with shares having more than doubled year to date.

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