IBM Gains $1 Billion as US Plans $2 Billion Quantum Grants

Shares of International Business Machines Corp. (IBM) rose by 6% following reports that the U.S. government will allocate $2 billion in grants to nine quantum computing firms. IBM is expected to receive $1 billion as part of this initiative, with additional funding going to GlobalFoundries ($375 million) and D-Wave Quantum (16% increase in shares). Other recipients include Rigetti Computing and Infleqtion, which experienced gains of about 13.8% and 23%, respectively. The U.S. Commerce Department will take equity stakes in these firms as part of its funding strategy, which aims to enhance American quantum technology capabilities.