We recently published 10 Stocks Sparking Massive Fortunes. D-Wave Quantum Inc. (NYSE:QBTS) is one of the best performers on Friday.
D-Wave Quantum grew its share prices by 19.1 percent week-on-week, with investor optimism fueled primarily by plans to lure government contracts with the formation of a new business unit solely focused on such.
The stock rallied for three straight days following announcements that it officially formed a new subsidiary that would focus on securing quantum computing contracts with the government. However, profit-taking persisted on Friday to drag its share prices down by 6.02 percent.
Still, D-Wave Quantum Inc. (NYSE:QBTS) registered an intra-week high of 27.4 percent.
According to the company, the new subsidiary would be led by Jack Sears Jr., a seasoned government and public sector business executive.
In addition to his new leadership role, he would also join D-Wave Quantum Inc.’s (NYSE:QBTS) executive team and serve as its vice president for US government solutions.
“The call to use quantum technologies to address our nation’s interests is increasing, as the U.S. government faces complex challenges that require more powerful and agile problem-solving resources to protect our nation,” D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz said.
“By formalizing a US government-focused business unit under Jack’s leadership, we aim to facilitate the rapid development of quantum applications that address national security, defense, and infrastructure challenges,” he noted.
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Disclosure: None. This article is originally published at Insider Monkey.
