US Government Invests $2 Billion in Quantum Computing via CHIPS Act

The US Department of Commerce has signed nine letters of intent to allocate $2.013 billion in CHIPS Act funding to quantum companies, with IBM receiving about $1 billion. This initiative marks the largest government intervention in the quantum sector, focusing on building domestic chip-making capabilities. Recipients include D-Wave, Rigetti, and Infleqtion, each getting around $100 million. The funding aims to boost American innovation against China. Stocks of affected companies rose significantly following the announcement. However, the timetable for fund conversion remains unclear.