Quantum Computing stock (QUBT) is surging following the announcement of its latest chip technology, even outshining chip maker Nvidia. The Alphabet Inc (GOOGL) owned company recently revealed its latest quantum chip, dubbed “Willow.” The new chip “paves the way to a useful, large-scale quantum computer,” according to the company. In a tech market dominated by Nvidia, Quantum’s latest gains are a surprise, considering they are surging more year-to-date than NVDA.
Despite being down 41% in the last 24 hours, Quantum stock is up an astounding 1,558% in 2024. Nvidia, meanwhile, is up 163% YTD. Despite this massive gap, Nvidia stock still leads Google’s child company in market cap and price.
Quantum Computing, an integrated photonics and quantum-optics technology company with a NASA contract, announced on Dec. 10 a private placement of 8.46 million shares and an offering of 1.54 million shares, both priced at $5 apiece. Quantum Computing will see $46.2 million in net proceeds from both, according to a form the company filed with the U.S. Securities and Exchange Commission, and management “will have broad discretion” in how the money will be used.
Also Read: Fake Bitcoin Creator Craig Wright Gets Sentenced to Year in Prison
Quantum’s latest deal with NASA prompted huge gains for the company. The company will deploy its entropy quantum optimization machine, Dirac-3, to tackle some of NASA’s toughest imaging and data processing challenges. With backing from NASA, Quantum is gathering more investor interest which is creating buying pressure, aiding the company’s surge. The market sees this as a massive vote of confidence in Quantum Computing’s tech and its future, one that could rival the AI wave.