Why quantum computing stocks are soaring today while the rest of the market falls

Shares in the five most prominent quantum computing companies are rising today despite a larger market pullback. The stock price jump in the companies controlling the nascent technology comes after three of the companies secured hundreds of millions in funding from the US government. Here’s what you need to know. What’s happened? Today, three of America’s most prominent publicly traded quantum computing companies—Rigetti Computing (Nasdaq: RGTI), D-Wave Quantum (Nasdaq: QBTS), and Quantinuum (Nasdaq: QNT)—are seeing their stock prices surge along with two other players in the market, Quantum Computing Inc. (Nasdaq: QUBT) and IonQ (NYSE: IONQ). Rigetti, D-Wave, and Quantinuum all announced finalized agreements with the U.S. Department of Commerce’s CHIPS Research and Development Office for $100 million in government funding in order to advance quantum computing technology. Under the deal, each of the three companies will receive $100 million, distributed through a $2 billion initiative under the U.S. CHIPS and Science Act, which the Commerce Department’s National Institute of Standards and Technology (NIST) announced in May. As part of their deal, D-Wave and Rigetti confirmed that …