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.”

Full news

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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