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IonQ (IONQ Quick QuoteIONQ - Free Report) entered into a Memorandum of Understanding (MOU) with South Korea's Ministry of Science and ICT (Information and Communications Technology) to foster growth of the quantum computing industry in the country.

The primary objective of the MOU is to leverage IonQ's expertise and resources to establish an education, training and leadership expansion program specifically tailored to support individuals pursuing masters and doctorate degrees, postdoctoral researchers and professionals working in the quantum industry within South Korea.

The company aims to assist South Korea in realizing its vision of becoming a global quantum-centric economy by 2030 by offering practical support through its education, training, and leadership expansion program, which will utilize IonQ's specialized quantum computing resources.

Overall, the collaboration between IonQ and South Korea's Ministry of Science and ICT marks a significant step forward in the development of the quantum computing industry within the country. Per a report from Markets and Markets, the global quantum computing market is estimated to be valued at $866 million in 2023 and is expected to reach $4,375 million by 2028, registering a CAGR of 38.3%. The industry is likely to benefit from the rising adoption of quantum computing amid ongoing digitalization, added the report.

IonQ is a leading provider of quantum computing and general-purpose quantum computing systems. IonQ is the first business to offer its quantum systems directly through API access and the cloud on Amazon Web Services, Microsoft Azure and Google Cloud.

In April, the company announced that it had signed a new agreement with Abu Dhabis Quantum Research Center Technology Innovation Institute (QRC-TII) to test and develop quantum-enhanced algorithms. QRC-TII will leverage IonQ Aria to solve problems like heuristic variational quantum circuits for optimization problems and prototype implementations of quantum algorithms for matrix arithmetics.

IonQ currently has a Zacks Rank #3 (Hold). Shares of the company have gained 208.2% in the past year against the sub-industrys decline of 2%.

Image Source: Zacks Investment Research

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The Zacks Consensus Estimate for Blackbauds 2023 EPS has improved 9.3% in the past 60 days to $3.75.

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IonQ Partners With South Korea to Boost Quantum Computing - Zacks Investment Research