5 Stocks With Stunning Double-Digit Gains

3. D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave saw its share prices increase by 44.5 percent week-on-week, as investors took heart from its recently secured $100-million financial backing from the US government to help accelerate the development of quantum computers.

The US Department of Commerce announced on Thursday that it would invest over $2 billion in nine companies in a bid to support US leadership in quantum computing.

D-Wave Quantum Inc. (NYSE:QBTS) alone secured $100 million in fresh funds from the department in exchange for its shares valued at that amount, essentially making the DOC an investor.

Proceeds from the funds will be used to accelerate the development of annealing and gate-model quantum systems, including at its forthcoming research and development (R&D) facility in Boca Raton, Florida, as well as its R&D centers in New Haven, Connecticut, and Burnaby, Canada.

“We believe that the US government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing,” D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz said.

“The award would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States,” he added.

Apart from D-Wave Quantum Inc. (NYSE:QBTS), other companies also include Atom Computing, Diraq, Infleqtion, PsiQuantum, Quantinuum, and Rigetti Computing. The chipmakers, on the other hand, were IBM and GlobalFoundries.