Quantum stocks surge on reported $2B US grant plan

Quantum computing stocks rose in premarket trading on Thursday after reports that the US government is preparing to award around $2 billion in grants to nine companies operating in the sector, News.Az informs, citing CNBC.

The Wall Street Journal first reported the proposed deals, which would also involve the US government taking equity stakes in the recipient firms.

According to the report, IBM is expected to be the largest beneficiary of the package, with the US Commerce Department agreeing to provide the company with $1 billion.

IBM shares were up around 6% at 7:18 a.m. ET, easing from earlier gains that saw the stock rise by nearly 8%.

The company is considered a leading player in the development of quantum computing systems, which aim to build supercomputers capable of solving complex problems beyond the reach of conventional computers.

Chipmaker GlobalFoundries is reportedly set to receive $375 million, while other recipients — including D-Wave Quantum, Rigetti Computing, and Infleqtion — are expected to receive about $100 million each. Startup Diraq is also said to be in line for a $38 million grant.

Shares of D-Wave were last trading about 16% higher. Rigetti rose roughly 13.8%, while Infleqtion climbed more than 23% ahead of the US regular trading session.

The reported funding is said to come from the 2022 Chips and Science Act, though the deals still require formal completion.

News.Az 

By Nijat Babayev