Why D-Wave Quantum Stock Skyrocketed Today
Key Points
D-Wave stock surged today following news that the company is on track to receive CHIPS Act funding.
D-Wave is set to receive $100 million for the sale of new stock to the U.S. Department of Commerce.
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D-Wave Quantum (NYSE: QBTS) stock closed out Thursday's trading session with massive gains. The company's share price gained 33.4% in the daily session.
The quantum computing specialist's valuation surged following news that the company is on track to receive funding through the CHIPS and Science Act. Even with today's massive pop, D-Wave stock is still down roughly 1% year to date.
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D-Wave looks poised for CHIPS Act funding
With a press release it published today, D-Wave announced that it was on track to receive $100 million in funding through the U.S. Department of Commerce. The company said that it had received a letter of intent for a $100 million investment through the CHIPS Act. In exchange for the funding, D-Wave will provide the Department of Commerce with $100 million worth of shares.
What's next for D-Wave?
The U.S. government's pending investment in D-Wave represents a significant vote of confidence in the quantum-computing specialist. While the investment hasn't been closed yet, it seems very likely that the deal will go through. With the Department of Commerce seemingly set to invest $100 million in D-Wave through the CHIPS Act, the quantum-computing company has seemingly secured major backing from a very powerful and influential source. While the outlook for D-Wave and the broader semiconductor space remains highly speculative, growing support from the U.S. government is a very positive development.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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