Stock Market Today, June 23: D-Wave Quantum Jumps After Trump Signs Executive Orders Boosting Quantum Adoption
D-Wave Quantum (NYSE:QBTS), a quantum computing systems and software provider, closed at $25.03, up 2.29%. Shares rose on Tuesday after President Trump signed executive orders to accelerate U.S. quantum adoption and the development of quantum-resistant encryption. Investors are also watching D-Wave's product roadmap and upcoming quarterly earnings for progress toward commercialization.
Trading volume reached 46.5 million shares, coming in about 36% above its three-month average of 34.2 million shares. D-Wave Quantum IPO'd in 2020 and has grown 146% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 1.44% to 7,365, and the Nasdaq Composite (NASDAQINDEX:^IXIC) declined 2.21% to 25,587. Among quantum computing peers, IonQ (NYSE:IONQ) closed at $57.85, down 0.81%, while Rigetti Computing (NASDAQ:RGTI) closed at $21.28, down 0.47%, showing a weaker peer tone than D-Wave Quantum.
What this means for investors
Yesterday, President Trump signed two executive orders to accelerate quantum-computing development. It will hasten federal adoption of quantum technology. Specifically, the orders aim to quicken the development of “the first-ever quantum computer powerful enough for scientific research,” to be sited at a national laboratory by 2028.
That’s two years faster than many industry estimates. It also comes a month after the Department of Commerce announced plans for a $100 million grant for D-Wave under the U.S. CHIPS and Science Act. In exchange, D-Wave will issue $100 million in shares of its common stock to the U.S. Department of Commerce.
Investors see these moves as helping to reinforce demand expectations for D-Wave Quantum. The focus will now be on commercialization progress and any further financing needs.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.
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