India, May 22 -- Shares of quantum computing companies surged Thursday and extended gains in after-hours trading after the U.S. government said it would provide about $2 billion in federal incentives to nine companies to accelerate domestic quantum computing research and manufacturing.
The Department of Commerce said it signed nine letters of intent to provide $2.013 billion in incentives under the CHIPS and Science Act.
International Business Machines Corporation (IBM) is set to receive $1 billion to establish a quantum foundry subsidiary for superconducting wafers. IBM shares rose 12.43% on Thursday and gained more than 3% in after-hours trading.
Chipmaker GlobalFoundries will receive $375 million to build a domestic quantum foundry su...