On May 21, 2023, the U.S. Department of Commerce announced a significant investment of $2.013 billion in nine quantum companies, marking a strategic move to prioritize quantum technology development. This funding, which includes equity stakes, aims to support a new era of American innovation, as stated by Commerce Secretary Howard Lutnick. Following the U.S. announcement, quantum stocks surged, with some companies seeing up to a 50% increase in value.
In a related move, French President Emmanuel Macron committed an additional €1 billion to France’s quantum strategy, emphasizing the urgency of this international tech race. Major funding recipients include IBM and GlobalFoundries, with IBM receiving $1 billion and GlobalFoundries $375 million, both targeting quantum foundry development rather than just quantum computing machines. The remaining $638 million is allocated to various other quantum companies to advance their technologies.
This investment strategy mirrors previous U.S. efforts in semiconductor manufacturing, emphasizing infrastructure and foundries to bolster the quantum computing ecosystem. Experts predict that companies involved in the manufacturing side of quantum technology will likely yield better returns than those solely focused on quantum computation, similar to trends observed in the AI landscape.
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