Quantum computing background concept.
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The rally in quantum computing names continued on Monday after JPMorgan Chase announced it as one of the areas it would invest in as part of a new initiative.
The bank said in a release that it would invest up to $10 billion in companies across four areas: supply chain and advanced manufacturing, defense and aerospace, energy technology, and frontier and strategic technologies — which includes quantum computing.
Arqit Quantum, D-Wave Quantum and Rigetti Computing each rose about 20%, while IONQ gained 15% following the announcement. Quantum Computing stock climbed 10%.
“It has become painfully clear 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 CEO Jamie Dimon in a statement.
The initiative is part of a larger $1.5 trillion, decade-long plan, dubbed the “Security and Resiliency Initiative,” to finance and invest in industries JP Morgan deems critical to U.S. national and economic security.
As one of the 27 specified sub-areas the bank will be focusing on, quantum computing has seen gains as much as triple digits over the past month. Rigetti and D-Wave were up 175% and 130%, respectively.
Tech companies like Google, Microsoft, and Amazon have shown significant interest in gate-model quantum computing, which can potentially solve problems too complex for standard computers.
Rigetti and IONQ quantum computers are accessible through Amazon Braket, a quantum computing service managed by Amazon Web Services.
In February, Microsoft unveiled its first quantum computing chip called Majorana 1, and Google announced its new breakthrough quantum chip named Willow late last year.
