The United States Commerce Department will give nine tech companies a total of $2 billion in grants, the Wall Street Journal reported on Thursday, citing a statement from the department. While the deals have not yet been finalized, IBM is set to receive $1 billion, with the rest going to smaller firms, such as GlobalFoundries, D-Wave Quantum, Rigetti Computing and Infleqtion.
The grants will support the development of quantum computing, and the administration intends to take minority stakes in the companies in return, although the details of the proposed agreement are currently unclear.
IBM's shares surged 7.11% in premarket trade after the report, while GlobalFoundries jumped 8.11%. D-Wave Quantum soared 10.52%, Rigetti Computing was up by 11.67% and Infleqtion skyrocketed 18.52%.
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