IBM Partners With Commerce Dept on $2B Quantum Foundry, Shares Jump 11.3%
Wedbush maintained an Outperform rating on IBM, highlighting its U.S. quantum computing partnership as a key growth driver. IBM and the Commerce Department committed $2 billion to build Anderon, America’s first pure-play quantum foundry, sending IBM shares up 11.3% and reversing a 23% year-to-date decline.
1. Wedbush Upholds Outperform Rating
Analyst Wedbush maintained its Outperform rating on IBM, emphasizing its role in U.S. quantum initiatives as a significant growth driver. The firm highlighted IBM’s technological leadership in developing quantum computing infrastructure.
2. $2 Billion Anderon Quantum Foundry
IBM and the Commerce Department will each invest $1 billion to establish Anderon, America’s first pure-play quantum foundry under the CHIPS Act. The joint venture aims to produce specialized quantum chips to strengthen the national supply chain.
3. Stock Surges 11.3% Reverses YTD Decline
IBM shares rallied 11.3%, erasing a prior 23% year-to-date loss and closing at $252.97 on heavy volume of 25.05 million shares. This marks one of the largest single-day percentage gains for the stock this year.