Shares of Rigetti Computing experienced a significant increase, soaring as high as 30% and reaching their highest level since August of the previous year. The rally in Rigetti's stock was part of a broader uptick in quantum computing stocks.
The momentum in the quantum computing sector was further bolstered by other companies witnessing substantial gains. D-Wave Quantum's shares climbed by 31%, while Quantum Computing Inc. saw a 13% rise, and Quantum Corp (NASDAQ:QMCO)'s stock increased by 15%.
This week's market movements coincide with recent legislative developments. On Tuesday, new bipartisan legislation was introduced in the Senate, proposing to allocate $2.7 billion in federal funding for quantum research and development over a five-year period.
This initiative underscores the growing interest and investment in the quantum computing field from the government sector.
Adding to the sector's positive outlook, in November, Amazon (NASDAQ:AMZN) Web Services (AWS) launched 'Quantum Embark,' an advisory program designed to assist customers in preparing for the advent of quantum computing. The program offers an expert-led approach to help organizations understand and integrate quantum computing into their operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.