Shares of International Business Machines (IBM) surged 11.3% on Thursday, driven by significant developments in quantum computing. The U.S. Commerce Department announced plans to fund a dozen quantum computing companies, with IBM receiving support to establish “Anderon,” the nation’s first pure-play quantum foundry in Albany, New York. IBM will invest $1 billion, matched by the Commerce Department through the 2022 CHIPS Act, marking a pivotal moment for the company and the broader quantum industry.
This announcement underscores IBM’s longstanding leadership in quantum computing, having deployed over 90 systems to date. The establishment of Anderon not only enhances IBM’s competitive position but also signals a shift towards the commercialization of quantum technology. CEO Arvind Krishna emphasized that this initiative could reshape innovation and economic competitiveness in the U.S., potentially validating investor interest in quantum computing beyond its previous perception as a niche endeavor.
For market professionals, IBM’s latest move could indicate a turning point for quantum technology’s commercial viability, suggesting that investors may need to reassess the growth potential of companies involved in this emerging sector.
Source: fool.com