TD Cowen views the Department of Commerce’s letters of intent with nine quantum ecosystem companies for $2B of funding and in exchange for equity stakes as a positive for GlobalFoundries (GFS), D-Wave Quantum (QBTS), and Rigetti Computing (RGTI). The awards along with the structuring of the investments “underscore the strategic value” that quantum computing holds for the national defense strategy and long-term value creation that the Department of Commerce believes it can realize as these companies grow, the analyst tells investors in a research note. TD believes the news can “further shift the industry narrative away from experimental lab projects and towards disruptive growth companies aiming for time-to-market leadership.”
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