Quantum Computing (QUBT) Soars 19% on US Govt Quantum Backing

Quantum Computing Inc. (NASDAQ:QUBT) is one of the 10 Stocks With Shocking Overnight Gains.

Quantum Computing rallied for a second day on Thursday, jumping 19.35 percent to finish at $11.41 apiece, after earning the backing of the US government for the development of supercomputers in a bid to solve some of the world’s most pressing problems.

Under the CHIPS and Science Act, the US Department of Commerce is shelling out over $2 billion in federal incentives to support a portfolio of quantum companies in accelerating the development of utility-scale, fault-tolerant quantum computers.

A stock market graph. Photo by energepic.com

Of the $2 billion, nine companies are set to receive a slice of the total amount, with IBM taking home the largest chunk, at $1 billion, followed by GlobalFoundries with $375 million. Other companies included D-Wave, Rigetti, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum.

While Quantum Computing Inc. (NASDAQ:QUBT) was not a direct beneficiary, the US government’s initiative sparked a broader optimism for the overall quantum sector, having been seen as an industry practically useful decades away.

In other news, Quantum Computing Inc. (NASDAQ:QUBT) reported a dismal earnings performance in the first quarter of the year, having incurred a $4.05 million net loss, or a reversal of the $16.98 million net income in the same period last year.

Total revenues markedly jumped by 9,364 percent to $3.69 million from only $39,000 year-on-year.

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