Happy Thursday. Investors already love quantum computing stocks. Wouldn't it just be perfect if the White House did, too?
A day after Google claimed a quantum advantage in a research paper, a milestone which would mean a bigger step towards practical quantum computing, reports made the rounds that the Trump administration was interested in taking stakes in publicly-traded quantum computing firms like IonQ, Quantum Computing, Rigetti Computing, and D-Wave.
Thursday Reading:.
As you'd imagine, the news pumped up the stocks, turning them into one centerpiece in a 2021-like retail speculation bubble. The firms, along with other largely unprofitable and pie-in-the-sky tech aspirants have become an increasing share of the Russell 2000 index, which also jumped today on the news.
Alas, it's just not true, per sources close to the matter. Yahoo Finance reports that the White House is not interested in investing in quantum stocks after all. Woops! Investors might not have heard the memo just yet, or perhaps they think it's a classic Trumpian 'bait and switch', but for the moment the stocks remain up double-digits.
Meanwhile, the broader market is in the green. The Russell 2000 (+0.79%), Nasdaq Composite (+0.60%), and S&P 500 (+0.30%) are all making moves. The Dow (+0.02%) is only up a few bips.
TurboTax Via TheStreet
-- Noah Weidner, Markets Reporter
