D-Wave (QBTS) Soars to New High as JPMorgan Bares Trillion-Dollar Investment

We recently published 10 Stocks Stealing Wall Street’s Spotlight. D-Wave Quantum Inc. (NYSE:QBTS) is one of the best performers on Monday.

D-Wave Quantum soared to a new all-time high on Monday, as investors snapped up shares following JPMorgan’s announcement that it would invest $1.5 trillion over the next 10 years to help finance and invest in industries critical to national economic security and resiliency, including quantum computing.

In intra-day trading, D-Wave Quantum Inc. (NYSE:QBTS) jumped to its highest price of $41.97 before paring gains to end the day just up by 23.02 percent at $40.62 apiece.

Of the total amount, JPMorgan said some $10 billion will be allocated for direct equity and venture capital investments to help accelerate the growth of US companies across 27 industries.

D-Wave Quantum Inc. (NYSE:QBTS) rallied alongside its counterparts, namely Quantum Computing Inc. (NASDAQ:QUBT), and Rigetti Computing Inc. (NASDAQ:RGTI), following the news.

“This new initiative includes efforts like ensuring reliable access to life-saving medicines and critical minerals, defending our nation, building energy systems to meet AI-driven demand, and advancing technologies like semiconductors and data centers. Our support of clients in these industries remains unwavering,” JPMorgan said.

The investment firm initially allocated $1 trillion for the said program, but upsized it later by $500 billion to expand its focus.

While we acknowledge the risk and potential of QBTS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QBTS and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.