U.S. intends to invest $2 billion in quantum computing, pre-market surge for IBM and GlobalFoundries

According to The Wall Street Journal, the U.S. government will allocate a total of $2 billion to quantum computing companies, with the funding structure including subsidies and a government minority stake. IBM and GlobalFoundries are the biggest beneficiaries of this round, receiving $1 billion and $375 million respectively.

The news has stimulated a significant rise in the stock prices of the two companies prior to the market opening, with IBM's stock price increasing by 6.4%, and GlobalFoundries' by 6%. Quantum computing concept stocks also experienced a simultaneous surge, with RGTI rising by over 14%, QBTS and QUBT each increasing by over 11%, IONQ by over 7%, cloud computing service provider NEBIUS by over 8%, and CoreWeave by over 6%.

The Wall Street Journal mentioned that, aside from IBM and GlobalFoundries, most other companies received about $100 million each, while the startup Diraq received $38 million. Other approved companies include the publicly traded D-Wave Quantum, Rigetti Computing, and Infleqtion, as well as Atom Computing, PsiQuantum, and Quantinuum. The Department of Commerce has not disclosed the specific proportion and structure of each equity investment, and the aforementioned transactions are still pending final completion.

The funding comes from the portion allocated to early-stage technology projects in the 2022 CHIPS and Science Act. This model continues the consistent approach of Secretary of Commerce Howard Lutnick – previously, the Department of Commerce has acquired nearly a 10% stake in Intel, and has also completed similar transactions with rare-earth magnet manufacturer Vulcan Elements and mining company MP Materials.

Lutnick stated in a declaration that this move aims to lead the United States into a new era of innovation, emphasizing that the transaction structure is designed to ultimately benefit taxpayers. A senior official from the Department of Commerce admitted that, considering it might take several years for quantum computing to deliver commercial value, this round of multiple bets is precisely to diversify risks.

IBM CEO Arvind Krishna had compared quantum computing to AI chips a decade ago in an interview in March, and stated that with increased investment and research breakthroughs, the technology's timetable has been significantly compressed. However, some analysts reserve their opinions regarding the government's stake in high-risk tech companies, believing that most commercial expectations for quantum computing have yet to be realized.

According to Reuters, the Trump administration also plans to launch the "ExportAI" initiative on the same day, which provides financing support from the U.S. Export-Import Bank for foreign companies to purchase American AI tools, covering insurance, loan guarantees, and direct loans, among other forms. Companies like Nvidia, however, require the Department of Commerce to approve the export of advanced chips on a case-by-case basis. This move is interpreted by the outside world as further strengthening the global competitiveness of American AI technology within the framework of AI export controls.