D-Wave (QBTS) Soars to New High as JPMorgan Bares Trillion-Dollar Investment

We recently published 10 Stocks Stealing Wall Street’s Spotlight. D-Wave Quantum Inc. (NYSE:QBTS) is one of the best performers on Monday.

D-Wave Quantum soared to a new all-time high on Monday, as investors snapped up shares following JPMorgan’s announcement that it would invest $1.5 trillion over the next 10 years to help finance and invest in industries critical to national economic security and resiliency, including quantum computing.

In intra-day trading, D-Wave Quantum Inc. (NYSE:QBTS) jumped to its highest price of $41.97 before paring gains to end the day just up by 23.02 percent at $40.62 apiece.

Of the total amount, JPMorgan said some $10 billion will be allocated for direct equity and venture capital investments to help accelerate the growth of US companies across 27 industries.

D-Wave Quantum Inc. (NYSE:QBTS) rallied alongside its counterparts, namely Quantum Computing Inc. (NASDAQ:QUBT), and Rigetti Computing Inc. (NASDAQ:RGTI), following the news.

“This new initiative includes efforts like ensuring reliable access to life-saving medicines and critical minerals, defending our nation, building energy systems to meet AI-driven demand, and advancing technologies like semiconductors and data centers. Our support of clients in these industries remains unwavering,” JPMorgan said.

The investment firm initially allocated $1 trillion for the said program, but upsized it later by $500 billion to expand its focus.

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Disclosure: None. This article is originally published at Insider Monkey.