D-Wave Quantum stock surged over 8% on Monday following an expansion agreement with AT&T.
D-Wave Quantum shares rose more than 8% on Monday after the company announced that AT&T will expand the use of D-Wave Quantum technology across its network operations. The agreement builds on previous pilot projects and aims to optimize telecom workloads. This surge follows a period of volatility for the company, as shares have dropped more than 30% year to date. However, the market responded positively to the news, with quantum computing peers Rigetti Computing and Infleqtion also seeing gains of over 10% and 8%, respectively. IBM also saw a slight increase of nearly 1%. The growth in the sector is supported by a federal initiative to distribute over $2 billion in incentives to nine quantum-related companies. This government funding provides a minority equity stake in exchange for research and development projects, including the launch of a new quantum chip foundry by IBM in Albany, N.Y.