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D-Wave shares jump as AT&T expands use of its quantum tech
The expanded AT&T agreement builds on prior pilots and helped lift quantum peers, with Rigetti up more than 7% and Infleqtion up more than 4%.
D-Wave Quantum shares rose more than 4% on Monday after the company announced that AT&T will expand the use of D-Wave's technology across its network operations, building on earlier pilot projects. Yahoo Finance reports the parties said the deal is intended to optimize telecom workloads.
The news also boosted other quantum stocks, with Rigetti Computing climbing more than 7% and Infleqtion gaining more than 4%. Despite Monday's move, all three names have been volatile this year, down more than 35% year to date, according to Yahoo Finance.
The outlet also noted that in May the stocks rallied after the US Department of Commerce signed letters of intent for research and development funding. That funding is tied to a government initiative distributing more than $2 billion in federal incentives to nine quantum-related companies in exchange for minority equity stakes.
Yahoo Finance further said IBM was included in the initiative and announced the launch of Anderon, a new standalone company to create a quantum chip foundry in Albany, New York.