Shares of Rigetti Computing experienced a significant increase, soaring as high as 30% and reaching their highest level since August of the previous year. The rally in Rigetti's stock was part of a broader uptick in quantum computing stocks.
The momentum in the quantum computing sector was further bolstered by other companies witnessing substantial gains. D-Wave Quantum's shares climbed by 31%, while Quantum Computing Inc. saw a 13% rise, and Quantum Corp (NASDAQ:QMCO)'s stock increased by 15%.
This week's market movements coincide with recent legislative developments. On Tuesday, new bipartisan legislation was introduced in the Senate, proposing to allocate $2.7 billion in federal funding for quantum research and development over a five-year period.
This initiative underscores the growing interest and investment in the quantum computing field from the government sector.
Adding to the sector's positive outlook, in November, Amazon (NASDAQ:AMZN) Web Services (AWS) launched 'Quantum Embark,' an advisory program designed to assist customers in preparing for the advent of quantum computing. The program offers an expert-led approach to help organizations understand and integrate quantum computing into their operations.
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