Quantum stocks have surged after JPMorgan Chase unveiled a major investment initiative targeting industries tied to US national and economic security.
Shares of Rigetti Computing jumped 25%, IONQ rose 16%, Arqit Quantum climbed 20%, D-Wave Quantum gained 23%, and Quantum Computing added 12% in Monday trading. The rally followed JPMorgan’s announcement that it would invest up to $10bn across four areas: supply chain and advanced manufacturing, defence and aerospace, energy technology, and frontier and strategic technologies, which include quantum computing.
“This initiative recognises that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing, all of which are essential for our national security,” said JPMorgan Chief Executive Jamie Dimon.
The commitment forms part of JPMorgan’s broader “Security and Resiliency Initiative,” a decade-long program totalling $1.5tn aimed at financing and investing in 27 industries considered strategically vital. Quantum computing, one of those areas, has already seen extraordinary share price gains this year, with Rigetti and D-Wave rising 175% and 130% respectively over the past month.
The sector has also drawn interest from technology giants. Google, Microsoft and Amazon have each advanced their own projects, with Microsoft unveiling its first quantum chip, Majorana 1, in February, and Google announcing its Willow chip late last year. Rigetti and IONQ’s machines are accessible through Amazon Braket, a cloud-based quantum computing service run by Amazon Web Services.
