Fast Company
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Quantum computing stocks soared again yesterday. The reason why may surprise even their biggest boosters
Shares of the "Quantum Four," America's leading quantum computing companies, experienced significant gains yesterday. D-Wave, IonQ, Quantum Computing, and Rigetti all saw double-digit percentage increases in their stock prices. This surge was not due to new quantum computing breakthroughs but rather a strategic announcement from JPMorgan Chase. The banking giant revealed a "Security and Resiliency Initiative" committing $1.5 trillion over ten years to critical industries. A portion of this funding, up to $10 billion, will be invested in companies focused on areas like supply chain, defense, energy, and frontier technologies. Quantum computing falls under this "frontier and strategic technologies" category, alongside AI and cybersecurity. JPMorgan Chase CEO Jamie Dimon emphasized the initiative's goal of reducing U.S. reliance on unreliable sources for national security. Although specific quantum companies were not named, the announcement alone propelled their stock prices upward. Following this surge, a slight dip in premarket trading suggests some investors are taking profits. Nevertheless, the market is buoyed by the prospect of significant investment in quantum computing due to its perceived national security importance. These companies have already demonstrated impressive returns over the past year, raising investor expectations for future growth.