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Quantum stocks pulled back on Thursday and Friday after a strong rally earlier in the week. Here's a look at what drove the early rally and the pull-back that followed.
The largest bank in the country, JPMorgan Chase & Co. (NYSE:JPM), announced on Monday that it will make direct equity investments of up to $10 billion as part of a $1.5 trillion initiative to address national security needs in sectors including frontier and strategic technologies, with a specific focus on quantum computing.
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Rigetti Computing, Inc. (NASDAQ:RGTI) stock has surged 113% over the past month, backed by strong fundamentals and key strategic wins.
A price target increase from Benchmark to $50 ignited the rally, which is further supported by the company's solid financial position, including $21 million in 2025 contracts and a $571 million cash reserves.
Key partnerships, like one with Nvidia, and a clear focus on its 1,000+ qubit roadmap have fueled investor confidence.
Recent contracts with the U.S. Air Force and the UK's National Quantum Computing Centre also serve as validation of its chiplet architecture and its four-year technology roadmap.
Rigetti stock was up more than 6% on the week.
IonQ, Inc. (NYSE:IONQ) shares climbed Monday after the company achieved a major step forward in quantum chemistry simulations, demonstrating accurate atomic-level force calculations using its quantum-classical auxiliary-field quantum Monte Carlo (QC-AFQMC) algorithm.
The demonstration produced results more precise than conventional methods and represented a notable step in applying quantum computing to complex chemical modeling.
IonQ pulled back after Monday's rally, and the stock was down 11% over the past five days, according to Benzinga Pro.
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D-Wave Quantum, Inc. (NYSE:QBTS) rallied 25% on Monday, making it the day's biggest mover among quantum stocks. Later on Monday, outspoken quantum bear Martin Shkreli posted a series of frustrated comments about his quantum short positions on X.
QBTS stock was down nearly 5% on Friday, but remained up by more than 16% on the week.
Quantum Computing, Inc. (NASDAQ:QUBT) shares slid in the second half of the week and were down 2.47% over the past five days heading into Friday's closing bell.
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