Jim Cramer says he's steering clear of one popular stock
Jim Cramer says he's steering clear of one popular stock.
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Quantum computing is one of the most talked-about emerging technology themes on Wall Street right now. The Trump administration revealed plans to invest more than $2 billion into the sector on May 21.
Stocks across the space surged. Investors poured in, massively.
On the Wednesday, July 22, "Mad Money" Lightning Round, a caller asked about IonQ ( IONQ ). Cramer's answer was brief and direct, just like every other day in the Lightning Round.
When rates go up, these stocks are very tough to own, so I am going to steer clear of it because I see what the rates are doing, and they're not going in the right direction.
As of this reporting, IONQ is trading at $33.03, down 3.11% on the session, and is down 24.07% year to date against the S&P 500 's 8.22% gain, according to Yahoo Finance .
The stock peaked to a $72 high in late May before giving back more than half its value in just under two months.
Cramer's objection is not about IonQ's technology or even its commercial traction. It is about the macro environment that surrounds any high-growth, deep-loss company with a long runway to profitability.
The rate sensitivity argument is specific and well-established in market history. Companies like IonQ, which are burning significant cash today in exchange for future cash flows that remain years away, are valued using long-duration discount models.
Jim Cramer says it may be time to trim comeback stock after 441% surge
When interest rates rise, those future cash flows get discounted more aggressively, compressing valuations. When rates fall, the reverse happens. The playbook is familiar.
Cramer's read of the current rate environment is cautious. The stock carries an expected full-year 2026 Adjusted EBITDA loss of $310 million to $330 million on $260 to $270 million in revenue, according to its first quarter 2026 financial results.
It means the profitability gap is wide enough that rate sensitivity is a legitimate first-order concern, not a secondary one.
But there's something genuinely interesting here because the fundamental momentum inside IonQ is real, even if Cramer is choosing to sidestep the stock on macro grounds.
Q1 2026 revenue was $64.7 million, up 755% year over year and 30% above the midpoint of guidance.
Remaining performance obligations grew 554% year over year to $470 million.
The company raised its full-year revenue guidance to $260 million to $270 million, implying organic growth of more than 100% year over year. Source: IonQ First Quarter 2026 Financial Results
Commercial momentum is real. Approximately 60% of revenue came from commercial customers, 35% from international customers, and 35% from multi-product customers, according to the release .
