The US Department of Commerce has announced publicly that it will allocate as much as $2 billion in grants for companies involved in quantum computing. During Thursday’s session, valuations of companies in this sector are rising by more than 20%.
The grants are part of the “Chips and Science” initiative, which was approved during President Joe Biden’s term. The initiative is intended to focus on strengthening key advantages of the US high-tech sector. Importantly, it assumes that the government will not only distribute grants, but will also take equity stakes in quantum companies - although details are not yet known.
The largest company set to receive funding is IBM. The firm is expected to receive around $1 billion in grants, which should help accelerate the development of specialized chips for quantum computers. The company’s shares are up about 8% today.
Even stronger gains are being recorded by smaller companies such as GlobalFoundries (GFS.US), D-Wave (QBTS.US), Rigetti (RGTI.US), Infleqtion (INFQ.US), and Quantum (QMCO.US). Increases among these smaller players exceed 20%.
The Wall Street Journal also reports that the White House is working on an executive order related to quantum computing, but the legislative details are still unknown.
IBM.US (D1)
Today’s gains have allowed the valuation to break out of a steep downward channel; however, for a genuine shift in sentiment to be confirmed, the price needs to return at least to the 50–38.2 Fibonacci retracement levels. A strong bearish factor that may stand in the way is the crossover of the EMA100 and EMA200 moving averages. Source: xStation5
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