As the stock market experiences an upturn, several sectors show stronger performance than they have in some time. Today’s gainers include quantum computing stocks, which are advancing as this cutting-edge technology moves nearer to widespread adoption. Tempus AI (Nasdaq: TEM) and D-Wave Quantum (
NYSE: QBTS
) have surged by double-digit percentages today, while Rigetti Computing (Nasdaq: RGTI) is experiencing a significant rise as indications suggest that both AI and the quantum computing era are becoming more integrated into everyday use.
Tempus AI is surging by 14.9%, trading near the $50 mark again due to favorable pharmaceutical industry acquisitions. The company has also garnered strong support from an analyst at Wall Street. Meanwhile, D-Wave Quantum is climbing 11.6% to around $7 per share, giving it a valuation slightly above $2 billion, thanks to progress in deploying their advanced quantum computers. Additionally, Rigetti Computing is gaining 5% following its victory in a trial project focused on enhancing quantum error correction techniques.
Key Points
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Today, TEM and QBTS are surging with gains of over 10%, whereas RGTI is experiencing an uptick of around 5%.
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Advanced quantum computing is increasingly entering the public domain, particularly within the pharmaceutical industry through significant corporate collaborations.
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Quantum Leaps
Tempus AI has entered into enhanced agreements within the pharmaceutical industry, securing a significant contract with AstraZeneca along with Pathos, aimed at developing the leading multi-modal foundational model for the oncology field that others can follow. As part of these collaborations, Tempus will be paid an impressive sum of $200 million in data usage and model creation fees, substantially strengthening their financial position.
In 2021, Tempus AI initially partnered with AstraZeneca, and their recent agreement marks an extension of this collaboration. This suggests that the incorporation of Tempus’ AI technology within AstraZeneca’s oncology efforts has been successful so far. The financial services company BTIG expressed optimism about TEMPUS stock, starting coverage with a “buy” recommendation and setting a target share price at $60.
Shares of D-Wave Quantum are up by 11.6%, currently trading around $7 each, giving the company a valuation slightly above $2 billion. Although this figure remains beneath its yearly peak at $11.95, numerous favorable factors support the upward trajectory. A significant factor includes an upcoming project: installing Alabama’s first onsite annealing quantum computer as part of a collaboration between D-Wave Quantum and Davidson Technologies. Known for fostering artificial intelligence innovations within the country, Alabama anticipates playing a pivotal role in future developments related to quantum technology. Following successful completion of system assemblies, both firms have moved into rigorous testing stages prior to crucial deployment phases.
Rigetti Computing has been chosen to head a $3.5 million initiative aimed at advancing quantum error correction research as part of Innovate UK’s Quantum Missions pilot program.
Will It Last?
It seems that quantum computing stocks have gained momentum, progressing with their technological advancements and gaining acceptance across various economic sectors, such as pharmaceuticals. The growth in this cutting-edge field for select companies is positively impacting multiple areas within the market. Quantum tech, along with artificial intelligence, keeps seeing increased adoption, which can be seen through partnerships expanding into major players like Microsoft (Nasdaq: MSFT) and IBM.
NYSE: IBM
Quantum stocks may also see continued gains. Similar to investments in artificial intelligence, shares in quantum computing can be quite unpredictable; thus, potential investors should prepare themselves before diving in.
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