IBM Just Scored a $26 Billion Quantum Windfall — And the Stock's Rally Isn't Over The US Commerce Department's recent announcement of a $2 billion CHIPS and Science Act initiative has sent shockwaves through the tech industry, with IBM's stock surging over 11% on Thursday.
This meteoric rise added an eye watering $26 billion to its market cap, and shares continued their rally into Friday with a premarket gain of 3%.
The company's involvement in this initiative is significant, with a single $1 billion government grant and an additional $1 billion of its own capital earmarked for the construction of Anderon, a 300mm quantum chip manufacturing foundry in Albany, New York.