Quantum company stocks, including D-Wave and Rigetti, soared after the U.S. announced a $2 billion funding program to boost the industry.
Shares in quantum technology firms experienced a significant uptick after the U.S. Department of Commerce unveiled a $2 billion funding initiative aimed at American businesses through the CHIPS R&D program.
Notable stock increases included D-Wave with a 14.22% rise and Rigetti, which surged 19.84%. IBM's shares modestly climbed by 0.34% amid expectations of substantial government support.
IBM stands to gain the most from this initiative, with up to $1 billion allocated for its Anderon quantum manufacturing project, alongside an additional $1 billion investment from the company to set up a facility in New Albany, New York.
Additional beneficiaries include GlobalFoundries, PsiQuantum, Quantinuum, Infleqtion, Atom Computing, and Diraq. The National Institute of Standards and Technology (NIST) has indicated that the funding will assist two quantum manufacturing firms and seven companies developing quantum computing technologies.
GlobalFoundries has requested $375 million to establish a quantum component factory, whereas D-Wave, Rigetti, and Infleqtion are each targeting approximately $100 million in funding.
Notably, tech giants Google, Microsoft, and IonQ opted out of this funding opportunity. The U.S. government emphasizes that the initiative is part of a broader strategy to enhance national leadership in quantum technologies and reinforce national security.
Earlier this year, Darren Guccione, CEO of Keeper Security, cautioned that advancements in AI and quantum technology could pose risks to current security frameworks.
