Quantum computing names saw a rally in their share price on Monday after JPMorgan Chase (NYSE:JPM) unveiled a plan to invest in industries critical to national economic security and resiliency.
The company said it will make direct equity and venture capital investments of up to $10B to help select companies, primarily in the U.S., enhance their growth, spark innovation, and accelerate strategic manufacturing.
Quantum computing stocks reacted positively to the news, with shares of Arqit Quantum (ARQQ) rising more than 18%, D-Wave Quantum (QBTS) shares rising more than 22%, and Rigetti Computing (RGTI) rising more than 20%.
Other names such as IonQ (IONQ) rose more than 18%, while Quantum Computing (QUBT) was last up more than 11%.
JPMorgan said that it will focus on four key areas, supporting companies of all sizes and development stages by offering advice, providing financing, and, in some cases, investing capital.
“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing—all of which are essential for our national security,” Chairman and CEO Jamie Dimon said.