Quantum Stocks on the Move May 22nd

The $2 Billion U.S. Government boost is driving the recent surge in quantum stocks with a major federal program designed to cement U.S. leadership in quantum technology.

The Trump administration announced it will allocate $2 billion in federal grants while also taking minority equity positions in nine leading quantum computing companies

The sector had a big run yesterday and the momentum is continuing in today's trading.

Strong rallies ignited in several quantum stocks, including Infleqtion, Rigetti Computing (Nasdaq:RGTI), and D-Wave Quantum (NYSE: QBTS), after the companies signed Letters of Intent with the U.S. Department of Commerce.

D-Wave Quantum (NYSE: QBTS ) is trading at $29.56 +3.82 (+14.85%) with a day's high of $30.25 on volume of over 60 Million shares. The stock has a 52 week range of 12.75 - 46.75.

Yesterday the company announced that it has signed a Letter of Intent (LOI) for $100 million of proposed funding under the U.S. CHIPS and Science Act, which is administered by the U.S. Department of Commerce. In connection with executing final award documents, D-Wave would issue $100 million in shares of its common stock to the U.S. Department of Commerce. The LOI marks a significant endorsement by the U.S. government of D-Wave's annealing and gate-model quantum computing technologies and their potential impact on the U.S. economy.

The U.S. CHIPS and Science Act is aimed at strengthening domestic technology supply chains and advancing national and economic security. Advanced manufacturing and packaging technology is required to scale quantum computing systems and is critical for reinforcing the United States' position at the forefront of next-generation quantum computing. This funding would accelerate development and scaling of D-Wave's annealing and gate-model quantum systems, including at its forthcoming research and development (R&D) facility in Boca Raton, Florida as well as its R&D centers in New Haven, Connecticut and Burnaby, BC, Canada.

"We believe that the U.S. government's strategic investment in D-Wave would advance the country's global leadership position in quantum computing," said Dr. Alan Baratz, CEO of D-Wave. "The award would accelerate D-Wave's ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States."

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Rigetti Computing (Nasdaq:RGTI) is trading at $26.28 +4.23 (+19.22%) on volume of over 87 Million shares as of this report.

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